SEB Bank Says Not Viable to Maintain Operations in Russia (1)

Swedish lender SEB AB says it is not viable to maintain operations in Russia under current conditions.

“SEB has therefore started scaling these down,” spokesman Niklas Magnusson said in emailed comments. “This will be done in a responsible and orderly manner and in accordance with regulatory and legal obligations.”

The Stockholm-based lender joins a growing list of European banks that are reconsidering their presence in Russia, winding down operations or planning an outright pullback. On Thursday, Raiffeisen Bank International AG said it was weighing an exit from the country, one of its most profitable markets.

Sweden’s biggest lender by market ...