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Goldman Sachs suggests investors to sell Swedbank and SEB shares
Danuta Pavilenene, BC, Vilnius, 07.03.2010.
Print version
Print versionA team of Goldman Sachs Group analysts, led by Frederik Thomasen, advised investors to sell shares of the largest lenders of the Baltic states – Swedbank and SEB, LETA/Bloomberg reports.
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Swedbank's status was cut to "sell" from "neutral". SEB was added to a "conviction sell" list.
"A combination of fierce competition in Sweden and Europe's least attractive eastern European exposure make the Swedish banks an unattractive investment in our view," Goldman Sachs analysts wrote in a separate note.
Eastern Europe offers banks "attractive long-term growth," while investors should be selective amid an uneven economic recovery in the region, Goldman Sachs Group Inc. said.
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