Furthermore, SEB Merchant Banking and OMHEX will carry out a design study for a back-office service for banks and brokerage firms in the Nordic marketplace. The intention of this joint effort is to create an efficient back-office utility that support the further development of an integrated Nordic market by offering high-quality services through shared infrastructure, increased connectivity and straight-through processing, as well as consolidation of volumes. Such a joint effort would be open for other banks and brokerage firms to join.
Mikael Björknert, head of Securities Services, SEB Merchant Banking, said: "OMHEX is a natural partner for us when working towards a more efficient Nordic capital market. Clearing, settlement and custody are extremely important parts of the whole chain for investors and market participants. SEB has a strong commitment to offering high-quality services to financial institutions and we see this as a natural step in enhancing services to our clients in all Nordic countries."
Klas Ståhl, President of OM Technology, said: "We are happy to announce this co-operation with SEB. This agreement further defines and strengthens our position as a provider of efficient transaction processing in the Nordic market. We believe that the combination of our experience in system operation and transaction processing, together with SEB's expertise, will strengthen the platform from which we will deliver a superior back-office service to the Nordic market."
The agreement is subject to approval from customers and relevant authorities.
About SEB
The SEB Group is a North European financial banking Group for corporate customers, institutions and private individuals, with 672 branch offices around Sweden, Germany and the Baltic States. SEB has more than 4 million customers, of whom 1.6 million are e-banking customers. On 31 December 2003, the Group's total assets amounted to SEK 1,279 billion while its assets under management totalled SEK 822 billion. The Group is represented in some 20 countries around the world and has a staff of about 18,000. Read more about SEB at www.sebgroup.com
About OMHEX
OMHEX owns and operates the largest securities market in Northern Europe and is a leading provider of marketplace services and solutions for the financial and energy markets. OMHEX consists of two divisions: OM Technology - a world-leading provider of solutions and services (outsourcing and transaction processing) based on pioneering and proven technology and HEX Integrated Markets - the integrated Nordic and Baltic marketplace for securities, giving customers access to 80 percent of the Nordic and Baltic securities market. For more information, visit www.omhex.com
