News labeled baltic:

SEB together with customers, partners and the Latvian public raised almost 4,300 Latvian lats for SOS Children’s Villages through a range of activities – including online games and sharing on social networks – from 17 November to 6 January.

SEB’s Estonian charity fund – Heategevusfond – this year facilitated distribution of Christmas gifts to 1,000 children living in shelters. The gifts were made possible by donations from over 1,500 people.

SEB’s latest Baltic Housing Affordability Index shows that the average Estonian can buy 49 square meters of housing in the capital Tallinn, whereas the corresponding figure for Latvia and Lithuania are 43 and 35 square meters respectively.

SEB and Swedbank both scored well in a TNS survey of corporate reputation across the Baltic region. SEB took the number one position among banks in Latvia, shared the top spot in Estonia and came in second in Lithuania. "Our efforts in offering new high-quality services, our staff’s expertise and our attitude towards clients have served as the basis for our high ranking, ” Ainārs Ozols, head of SEB in Latvia, says.

An early parliamentary election will be held in Latvia on 17 September SEB expects a change of government to a broad coalition which will involve the ruling centre-right and Western-oriented party, Unity. "We foresee no fundamental change in policy, with budget consolidation and euro zone membership in 2014 still a priority," Mikael Johansson, head of Eastern European research at SEB, says.

Trade publication Euromoney at its annual Awards for Excellence ceremony Thursday evening named SEB Best Bank, Best M&A House and Best Cash Management House in the Nordic & Baltic Region. This is the first time SEB can claim the award for best regional bank. In addition to the regional awards, Euromoney also named SEB Best Bank in Latvia.

SEB has adjusted the full year 2011 and 2012 forecasts for the Lithuanian economy upward due to unexpectedly positive business and consumer sentiment and an upturn in domestic demand. However, as in the other Baltic countries volumes in private consumption and investments are still low. SEB’s experts now believe the Lithuanian economy will grow 6.5 per cent in 2011 and 5.0 per cent in 2012.

Local management teams at Fazer’s Amica units in Latvia and Estonia have agreed to buy the businesses in a management buyout transaction. SEB will provide financing worth 1.15 million euro to complete the deal. SEB in Latvia has also extended a credit and guarantee facility of 150,000 euro to promote further development of the Amica businesses in Latvia and Estonia.

Lithuania’s largest business daily Verslo Žinios together with career portal CV.LT. has named SEB the Most Attractive Employer in the country for the third year running. "this award is a very important acknowledgement for us,” Raimondas Kvedaras, head of SEB in Lithuania says.

SEB’s Latvian unit last week won an a gold medal for its efforts in 2010 to become a more sustainable company, including taking social responsibility.

It’s Sustainability Index – a joint initiative by the Employers’ Confederation of Latvia and the Free Trade Union Confederation of Latvia – that has evaluated 50 companies and organisations in the country. Only three could claim a gold medal, while 31 companies won silver and 16 a bronze medal.

SEB and its customers in Latvia have contributed over 14,000 euro to the rehabilitation center at the Children’s Hospital i Riga. The bank helped raise the money through a campaign launched earlier this year.

The latest issue of SEB’s Baltic Household Outlook shows that due to increased inflation, real earnings for Baltic households will rise very slowly or stay unchanged in 2011. Rising food prices is one of the current forces pushing up inflation, and is negatively affecting purchasing power of households. Food in general and also compared with different groups of products remains cheaper in Lithuania than in Estonia or Latvia. The largest increase in food prices was observed in Estonia. But food is still the most expensive in Latvia.

Responding to the wish of the people of Latvia to help the people of Japan in the wake of the 11 March earthquake and tsunami and its dire aftermath, the Japanese embassy in Riga has opened a donations account in SEB. No commission will be charged on money transfers to this bank account.

SEB’s Housing Price Index for Lativa declined in March after gradually increasing over the past six months. The number of respondents in a survey commissioned by SEB who say that they believe that housing prices will rise has decreased by six percentage points and now only 33 per cent expect housing prices to rise.

Eastern European economies will strengthen in 2011 on the back of greater household purchasing power and competitive exports, states SEB's Eastern European Outlook released today (23 March).

Overall, economic conditions will strengthen across the region over the next two years, with exports driving growth this year. Head of eastern European analysis Mikael Johansson, responsible for the report, says consumption and capital spending are awakening from their crisis-period hibernation as employment levels and wages improve, providing solid support for the growth.

SEB’s Latvian Housing Price Indicator hit a new high in February with 39 per cent of respondents in a survey forecasting higher housing prices in 12 months and only 13 per cent lower prices compared to today.

For the second year running, SEB has won a tender issued by the Ministry of Finance in Latvia regarding the right to issue state-guaranteed study and student loans. The total amount of financing to be dispensed by SEB during 2011 in study and student loans is 28.7 million lats.

Energy savings programmes in Lithuanian cities will get a further boost from a loan agreement signed between the European Investment Bank (EIB), as manager of the JESSICA holding fund in Lithuania, and the country’s largest commercial bank, SEB.

SEB will donate one lat (1.42 euro) for each new customer that signs up for the bank’s second pillar pension scheme to upgrade equipment at the rehabilitation centre of the children’s clinical university hospital in Riga.

SEB ranks number one among banks in a corporate reputation survey conducted by TNS in Latvia. This is the second year the survey has been conducted and SEB in Latvia has managed to improve its performance - from a number two ranking last year to number one this year. SEB’s total score in the survey was 55, which also corresponds to the highest corporate reputation index within the European financial industry.

SEB’s housing price indicator in Latvia declined slightly in December but 38 per cent of the population still believe prices will rise over the coming 12 months. About 16 per cent believe prices will drop.

Estonia changed to the euro on 1 January 2011 and SEB's staff worked hard to make it a smooth transition. Here you can see what happened in the run-up to the actual changeover as well as comments from Riho Unt, head of SEB in Estonia.

It made news in every part of the world, from France to Indonesia and the US – with the New Year Estonia joined the eurozone. Also hitting the news was the SEB ATM where the first euros were officially withdrawn by Prime Minister Andrus Ansip.

Unlike the situation in some troubled Western European countries, budget consolidation in the Baltic countries is coming to an end after two year of belt-tightening policy. In the latest week, all three parliaments have approved the 2011 budgets.

SEB in Estonia has been working for more than a year to make sure the conversion from the kroon to the euro on January 1 goes without a hitch. A few minutes after midnight, ATMs will be ready to dispense the new currency and card payments will suffer only very minor downtime – less than five minutes.

SEB recently launched a new internet bank for its private customers in Estonia. It has a more user-friendly look, is clearly structured and for the first time provides SEB’s customers with a simple way to keep an eye on the family budget with an integrated financial planning tool.

To ensure ongoing business development and participation in the tender process for national and international construction projects, SIA RE&RE, one of Latvia's largest construction companies, has signed a 12 million euro guarantee line with SEB.

SEB last week launched a new initiative in Latvia to help support start-up companies there. As part of the initiative SEB pays bills from new companies before their due date and has asked other large companies, municipalities, associations and incubators to give priority to start-ups in various ways.

Led by improved exports and increased domestic spending, the economies of Eastern Europe can expect moderate growth throughout the next two years, SEB states in the October Eastern European Outlook released today (5 October). One of the region’s hardest hit by the global credit crisis, recovery has been steady this year – in many cases better than in Western Europe – except in Latvia, which will post a decline of 1.5 per cent.

SEB’s latest Housing Price Indicator in Latvia reached 13.9 in September, the highest reading since the surveys started in May 2009. Around 32 per cent of respondents now say home prices will be higher in a year than they are currently while only 18 per cent believe that prices will fall.

For 20 days, the ship Briggen Tre Kronor of Stockholm will sail around the Baltic sea stopping in Lithuania, Latvia and Estonia. On board are mentors and students from SEB's mentoring program. The initiative aims to draw attention to SEB's work on sustainability issues, especially its dedication to a cleaner Baltic sea and support of future generations.

SEB's Housing Price Indicator in Latvia is continuing up and jumped sharply to a positive 15.1 reading in July, indicating that twice as many Latvians are now forecasting rising prices compared to those who believe prices will drop in the coming year. But now development may slow, warns SEB's expert.

SEB and Latvia’s largest sawmill company Vika Wood have signed a contract for about 7 million euros worth of financing for extending and upgrading production facilities. The project also involves financing from the European Union structure funds and in addition to the 7 million euro financing, SEB and Vika Wood signed a guarantee contract worth 1.05 million Latvian lats regarding the EU structure funds advance payment from the Investment and Development Agency of Latvia.

SEB in Lithuania recently arranged a week-long summer camp for children in cooperation with the local branch of Mentor, aiming to encourage young people to choose a healthy lifestyle and foster creativity, self development and teamwork skills.

The Estonian Banking Association has elected Riho Unt, head of SEB in Estonia, as its new chairman of the management board. Unt is replacing Sampo Bank director Aivar Rehe, who led the association for the last two years.

SEB this week signed a loan agreement worth 190,000 euro with Konvert Plast in Latvia. The loan is the first SEB has granted under a cooperation framework that the bank agreed with the European Investment Fund earlier this year.

Continuing an initiative started two years ago, SEB has decided to provide all first-graders in Latvia with free accident insurance for a year in the amount of 1,000 lats. SEB estimates that about 20,000 children will attend school for the first time and thus be covered by insurance. Previously, this initiative was carried out in cooperation with municipalities in Latvia, but this year marks the first time SEB presents the policies alone.

Do you have problems remembering the lyrics of lullabies? Or do you feel that you don’t have the best singing voice? In a web based marketing campaign SEB in Lithuania has recorded about 30 lullabies, and offers parents to download those for free.

SEB has appointed Riho Unt new head of its business in Estonia. He assumes the position on 31 May. Unt has been acting head in Estonia since January 2010.

SEB has upgraded Telebanka – its electronic payment system for corporate customers – by adding a new efficient features as well as new graphic design. SEB has built the new Telebanka on a state-of-the-art technological platform.

In Lithuania, SEB has started an information campaign to invite customers, who face financial difficulties, to come and talk to the bank. This is done to find a solution in order for people to be able to maintain their homes during difficult times.

SEB’s Latvian housing price indicator continued up in May and now stands at five, indicating more people believe prices will move up over the coming 12 months than people who believe in falling prices.

Estonia fulfils all Maastricht criteria, such as price stability, sound public finances and currency stability, shows a new evaluation conducted by the European Commission and the ECB, published Wednesday. This clears the way for a final decision this summer on Estonia adopting the euro next year.

SEB is the only bank in Estonia that offers companies the opportunity to trade in electricity at the world’s largest power exchange – Nord Pool.

SEB Latvia recently received an award for best bank in Latvia 2010 from Emeafinance. This is the second year running that the international trade magazine awarded SEB the top position at its annual CEE and CIS Banking Awards event.

SEB Latvia and Riga City Council recently launched the Duka project which offers empty commercial space to entrepreneurs at no charge except the cost for utilities.

SEB’s Housing Price Indicator for Latvia indicates further stabilisation of the population’s expectations. Since May 2009, the indicator has risen sharply but the indicator remains in negative territory at -8.2.

Preliminary data from Statistics Estonia published Friday shows the deficit remained well within the limits set out in the Maastricht Treaty, clearing the way for Estonia to adopt the euro in January 2011.

 

SEB in its latest Eastern European Outlook report says Eastern Europe – the region that was hardest hit by the global credit crisis and recession – is now beginning a gradual economic upturn. But don’t expect a return to pre-crisis growth levels.

 

SEB recently celebrated 20 years of activities in Lithuania by awarding 20 of the best employees 2009 during a ceremony in Vilnius. They were awarded for their professional results and for the effort they have made during 2009.

SEB’s Estonian retail banking business will further strengthen its customer focus and increasingly move away from a more product-centric business model. This way the bank hopes to fend off increasing competitive pressures.

Necessary budget corrections in the three Baltic countries are under way and previously high interbank rates have come down significantly. SEB’s main scenario is that all three countries can maintain their current currency pegs.