Rein Rätsep steps down as director of SEB Varahaldus

Rein Rätsep submitted his resignation as the Chairman of the Management Board
of SEB Varahaldus on 7 November. 

“I felt that after the revaluation of SEB's Liquidity Fund stepping down was
the right thing to do,” Rätsep explained. “The decision to revalue the fund was
justified and right, but as the director of SEB Varahaldus I see it as my duty
to accept moral responsibility for what has happened.” 

“I understand and respect Rein's decision,” said Ahti Asmann, Chairman of the
Management Board of SEB. “I value the work he has done in the bank very highly.
Over the last thirteen years he has taken charge of a number of key functions,
not the least of which has been managing Estonia's biggest asset management
company in recent years. I sincerely thank him for the contribution he has made
to the bank's development.” 

Rätsep joined SEB in 1996 and worked in a variety of positions before becoming
the director of SEB Varahaldus in 2007. He graduated from Concordia
International University in international business management in 1998. 


For further information please contact:

Silver Vohu
Head of Communications
SEB
Telephone: +372 665 5393
Mobile: +52 11 170
E-mail: silver.vohu@seb.ee
www.seb.ee