Latest news with #SEB
CNBC
4 days ago
- Business
- CNBC
Q1 was both a 'horror story and fairy-tale' for the financial system, says SEB CEO
Johan Torgeby, CEO of SEB, discusses the European banking sector as the company releases its Q2 earnings.
Bloomberg
4 days ago
- Business
- Bloomberg
Lender SEB's Net Interest Income Beats Estimates on Loan Growth
Sweden's largest lender by market value, SEB AB, posted better-than-expected profit from lending thanks to continued growth in loan and deposit volumes. While net interest income in the period shrank nearly 12% from a year ago, to 10.3 billion Swedish kronor ($1.1 billion), it nevertheless exceeded analyst expectations.
Local Sweden
11-07-2025
- Business
- Local Sweden
How likely is it that Sweden lowers the key interest rate in August?
Many experts predicted that Sweden's central bank, the Riksbank, would lower the key interest rate at its next meeting in August. Have higher-than-expected inflation rates changed that prediction? Advertisement Two weeks ago, a report from economists at major Swedish bank SEB put the chance of a cut to the interest rate in August at 36 percent. Now, that figure has dropped to 20 percent, according to an analysis of the fixed-income market. The main reason for the drop is the higher-than-expected inflation figures for June which Statistics Sweden released on July 7th. Those figures showed that CPIF inflation in June rose to 2.9 percent. Not only was that higher than the 2.3 percent the country saw in May, but it was also higher than expected ‒ economists had predicted a figure of 2.5 percent. CPIF inflation (which removes mortgage rates from the consumer price index) is the figure used by the Riksbank central bank. It has a target of 2 percent, much lower than the inflation figures reported in June. Now, the fixed-income market is predicting the next rate cut ‒ a cut of 0.25 percentage points to 1.75 percent ‒ will take place this autumn instead of in August, potentially as late as December this year. After that cut, the market predicts a very small chance of further cuts from the Riksbank. Just two weeks ago, the market believed there was a high chance of a cut in August followed by at least one more cut this year. Advertisement The Riksbank itself hinted that there could be another cut later this year, putting the chances of that happening at around 50 percent at its last meeting at the end of June. The policy rate is the central bank's main monetary policy tool. It decides which rates Swedish banks can deposit in and borrow money from the Riksbank, which in turn affects the banks' own interest rates on savings, loans and mortgages. If bank interest rates are high, it's expensive to borrow money, which means people spend less and as a result inflation drops.
The Star
08-07-2025
- Business
- The Star
Sapura Energy to convene EGM for shareholders' approval of regularisation plan
KUALA LUMPUR: Sapura Energy Bhd (SEB) will convene an extraordinary general meeting (EGM) on July 30, 2025, for shareholders to vote on its proposed regularisation plan aimed at restoring the company's financial health and exiting Practice Note 17 (PN17) status. In a filing with Bursa Malaysia today, SEB outlined four key components of the plan, which include capital reconstruction, debt restructuring, fundraising, and a proposed exemption for Malaysia Development Holding Sdn Bhd (MDH) and its partners from making a mandatory general offer. SEB said the capital reconstruction exercise involves a 99.99 per cent reduction and a 20-to-1 share consolidation, but neither exercise will affect the percentage shareholding of existing shareholders. The company also plans to reduce its borrowings from RM10.8 billion to RM5.6 billion under the debt restructuring proposal, which is expected to cut annual interest costs by 60 per cent or more than RM500 million. Meanwhile, MDH will subscribe up to RM1.1 billion in redeemable convertible loan stocks (RCLS) to help settle outstanding vendor payments in the local oil and gas ecosystem. The final component of the plan seeks to exempt MDH and its persons acting in concert from making a mandatory offer should they fully convert their RCLS. SEB said a dedicated shareholders' help desk will be set up from July 15 to assist with queries regarding the proposed regularisation plan. With shareholders' approval, the company aims to strengthen its equity position, improve liquidity and contract execution, restore market credibility, and eventually apply to exit its PN17 status upon recording two consecutive quarters of profit post-restructuring. Group chief executive officer Muhammad Zamri Jusoh described the proposals as a decisive step in shaping the company's future and determining whether it can transform into a resilient, profitable enterprise. "By addressing legacy liabilities, enhancing our equity base and securing strategic support, we are rebuilding the foundation for future profitability and shareholder returns. "We recommend that all shareholders vote in favour of these proposals and support SEB's recovery and value creation journey,' he added. - Bernama
New Straits Times
08-07-2025
- Business
- New Straits Times
Sapura Energy calls EGM to vote on crucial regularisation plan
KUALA LUMPUR: Sapura Energy Berhad (SEB) has announced plans to convene an Extraordinary General Meeting (EGM) on 30 July 2025, where shareholders will vote on its Proposed Regularisation Plan (PRP), a crucial step aimed at strengthening its capital structure, clearing accumulated losses, restructuring debt, and securing new capital. The PRP is intended to restore the financial stability of SEB and its subsidiaries, paving the way for the oil and gas group to exit its Practice Note 17 (PN17) classification and build a solid foundation for long-term value creation. In a circular to shareholders, the company detailed four main components of the plan.
