Last year SEB hid its Baltic property companies Estectus, Litectus and Latectus in a company registered in Holland, claiming that it wishes to focus on its principal activities, i.e. banking.
A reader who contacted Delfi Economy noted that in 2010 SEB moved its property companies under the Dutch company Warehold B.V. The obvious reason is that the bank wants to save on taxes and make its accounting look better.
SEB's head office in Sweden decided to move the Baltic property companies of SEB Estectus, Litectus and Latectus created in the end of 2008 and in 2009 under the Dutch company Warehold B.V. in February 2010. It is difficult to find any official indication or confirmation that the company belongs to the listed SEB Group. SEB's Internal Communications Manager Piret Seeman said that SEB's property companies Estectus, Latectus and Litectus were consolidated into the SEB Group in 2010 under the name Baltectus. "The reason is simple - we want the management of all three companies to be able to focus on SEB's principal activities, which is banking. SEB AB owns 100% of Baltectus and this is where Baltectus was consolidated in the structure of the SEB Group. The economic results of Baltectus are shown under the results of the Baltic Division," says Seeman. Holland was chosen as the place where Baltectus was registered, explains Seeman, because they have the structures suitable for various property companies.
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