SEB Bank Posts Big Losses
Sweden's SEB Bank has posted larger-than-expected losses this quarter, following in the wake of Swedbank's similarly gloomy announcement on Friday. Both banks blame their losses on the credit crunch in the Baltics.
Reuters reports that SEB lost 24.7 million dollars this quarter, far below analysts' predictions of 181 million dollars in profit.
74% of SEB's total credit losses came from its operations in the Baltics, an eight-fold increase over the same period last year.