61KN Westpac 24 S

RNS Number:3764M
Skandinaviska Enskilda Banken
16 June 2000


SEB releases SEK 8.3 billion in housing loans through securitization

SEB releases capital and utilizes its capital base for effectively

SEB is proceeding with the securitization of housing loans amounting to
SEK 8.3 billion, or EUR 1 billion, through the sale of part of its housing
mortgage loans to Osprey Mortgage Securities Limited. This is being
effected through the issue of EUR 1 billion in bonds with the housing
loans as collateral. The purpose is to extract the loans from the balance
sheet and, consequently, be able to more effectively utilize the SEB
Group's capital base to achieve flexibility in the balance sheet for
future investments.

SEB is a forerunner with regard to securitization and has carried out
several such transactions previously.

Securitization is becoming increasingly more common on the international
market. The securitization process means that SEB Bolan AB sells part of
its housing mortgage loans to the Osprey Company. In conjunction with this
transaction, Osprey issues bonds with the loans as collateral.

"SEB utilizes its capital base more effectively and facilitates continued
expansion in the growth sectors e-banking and savings while SEB continues
to uphold its traditional banking transactions," says Zaid Pedersen,
Deputy CFO, SEB

The bonds are being placed on the Euro market through SEB Debt Capital
Markets and Goldman Sachs International. The bonds have been given the
highest rating by the Fitch IBCA, Moody's and Standard & Poor's rating
institutes.

SEB Bolan AB holds a market share of about 11 percent of the Swedish
housing loan market, has 290,000 customers and approximately 300,000
housing loans totaling about SEK 115 billion.

For further information, contact
Zaid Pedersen, Deputy CFO, SEB. +46 8 763 92 90
Staffan Olsson, President, SEB Bolan AB. +46 763 89 04
Boo Ehlin, Press Manager, SEB. +46 763 85 77, 70 763 85 77

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Please visit http://www.bit.se for further information
The following files are available for download:
http://www.bit.se/bitonline/2000/06/16/20000616BIT00260/bit0001.doc 
http://www.bit.se/bitonline/2000/06/16/20000616BIT00260/bit0002.pdf 


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