Skandinaviska Enskilda Banken (SEB) has decided to suspend the marketing launch of a stand-alone e-banking venture in the UK.
The Swedish bank had originally planned to include a marketing launch in the spring for the combined e-banking and e-brokerage site that has just opened, but now judges market conditions to have deteriorated substantially.
Fleming Carlborg, head of personal banking international within SEB, says: "With the prevailing stock market situation, we have chosen to concentrate our resources on markets in which we already have broader activities...Our experience from other markets shows that e-banking functions best as a component of a multi-channel strategy based on an existing customer base."
The bank will continue with other development projects offering e-banking and e-brokerage services to other corporations and financial institutions, including eAsiaFinance, the joint venture between SEB, Ankar Capital Management, Tata Consultancy Services and Compass ventures.
SEB is currently awaiting regulatory approval for its proposed merger with ForeningsSparbanken, announced in February.