SEB, the Scandinavian financial services group, has targeted growth of over 20 per cent in assets under management for its wealth unit in 2007, according to Swedish newspaper reports. Thomas Ericsson, the head of SEB's private banking arm, said in an interview that: "the objective is to grow more than we have done over the last few years, both in percentages and in relative numbers in relation to our competitors." Mr Ericsson added that SEB has around 40 per cent share of the private banking market in Sweden, which comprises high net worth individuals with SEK5 million ($775,000) in investable assets. SEB has a local presence in the Nordic and Baltic countries, Germany, Poland, the Ukraine and Russia, and a global presence through its international network in another ten countries. On 30 June 2007, the group's total assets amounted to SEK 2,188 billion while its assets under management totalled SEK 1,403 billion.