The acquisition strengthens SEB's customer offering within the portfolio bond segment.
SEB Life has acquired Irish Life International Ltd, ILI, from Irish Life & Permanent Group Holdings plc. ILI's core business is European distribution of insurance based investment products. Assets under management and premium income amounts to approximately 2 billion and 370 million euro respectively.
"We will improve our position as a provider of sophisticated investment solutions in Sweden and Finland, whilst enabling us to reach out to European customers with our portfolio bond product. The acquisition provides us access to a large European distribution network," says Peter Nilsson, Head of SEB Life & Pension International.
Closing will be effected following necessary regulatory approvals.
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SEB is a leading Nordic financial services group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in 20 countries worldwide. On 31 December 2010, the Group's total assets amounted to SEK 2,180bn while its assets under management totalled SEK 1,399bn. The Group has about 17,000 employees. Read more about SEB at www.sebgroup.com.