BERLIN – Sweden's SEB AB says it is selling its German retail bankingBanco Santander of Spain in a deal worth euro555 million ($702 million).
SEB said Monday that the sale will allow it to concentrate on "core areas of competitive advantage in Germany."
The company said the deal would have be financially positive for it in the long term.
However, it said there would be a net negative financial impact up to closing of euro240 million before tax. After that, there also will be negative effects next year estimated at euro65 million.
SEB said it expects restructuring costs of euro80 million for the rest of its German business.
