Skandinaviska Enskilda Banken AB (SEB) is a Sweden-based bank. The Bank�s operations are divided into five business divisions. The Merchant Banking division offers commercial and investment banking services to large corporate and institutional clients, mainly in the Nordic region and Germany. The Retail Banking division offers banking and life insurance services to private individuals and small and medium-sized corporate customers in Sweden, and card operations in the Nordic countries. The Wealth Management division offers asset management, investment management, mutual funds and private banking services to institutional clients and high net worth individuals. The Life division offers life insurance products for private individuals and corporate customers. The Baltic division offers banking and life insurance services to private individuals and small and medium-sized corporate customers in Estonia, Latvia and Lithuania. As of December 31, 2011, the Company had 46 subsidiaries.