Twenty years after the German reunification, Swedish-German relations are better than ever. But they can always be improved, says Dr Joachim Rücker, Germany’s ambassador to Sweden. He is doing his best to fight the “emotional asymmetry” between the two countries.
It seems Joachim Rücker got his first deep lesson in Swedish culture just by moving here. We are enjoying an afternoon summer breeze on the terrace of legendary Villa Ekarne at Djurgården in Stockholm. The house is also known as Laurinska Villan, and Dr Rücker tells the story of the previous owners, from the Laurin family, to late Stikkan Andersson with his epic ABBA-parties in the seventies, up till the great entrepreneurial couple Salvatore Grimaldi and his wife Eva Swartz, who still own it. On the other side of the wooden fence the German Ambassador has sheep and goats, it seems. Skansen is literally a stones throw away.
On the wall next to the stairway in the majestic, natural-romantic style building, hangs a Carl Larsson-painting. Joachim Rücker knows that story too, of course. I can’t help but wonder where his knowledge comes from.
– I just started taking Swedish lessons and dove into the history, language and culture the second I got here, he says. Learning about new cultures is one of the great advantages of this job.
Long political career
At the same time he is fast to admit that he has been in places far more challenging than Sweden during his long career. From exchange studies in the US in the sixties, to civil service in Israel, a long political career in Germany (mayor for a decade) and working as the UN special representative in Kosovo after the Balkan wars, heading the interim administration until Kosovo became independent.
How different are the roles as politician and diplomat?
– There are similarities of course – representation and social events for instance. But as a politician, you have your own agenda to follow. As a diplomat, I have the German government’s agenda. But there is also a lot of freedom.
What are your main priorities now, almost two years into the job?
– I would say public diplomacy, economic issues, and culture.
Symbolic reunification
Now, twenty years after the German reunification, Dr Rücker says, it’s a good time to look back.
– Well, Germany is doing quite well right now. Economic growth is coming back; the East is catching up with the West and inflation is in check. Unemployment numbers are still high – more than seven per cent – but they kept relatively stable even during the recent crisis. I would say we have a quite similar economic profile as Sweden, with a strong industrial, export-driven core. There is the same culture of not least budget stability in our countries; and in Brussels, we are definitely on the same page. German export industry is good when it comes to cars, machinery, high-tech equipment and agricultural products like wine. When it comes to trade- and investment, Sweden and Germany are very closely tied together, which is very important. Also historically of course, but that is another subject.
Is there a similarity in business culture as well?
– I would say so. People stand by their word, and they show up on time, but that is not exclusive, of course.
The recent royal wedding here in Sweden attracted hundreds of German journalists, far more than any other country. Why do you think the Swedish royal family is so interesting?
– I was actually in church during the wedding, but not at the party. I am not surprised by the interest, Germans love “Kungahuset”. Especially the “yellow press”.
But why?
– Well first of all, Germans love the Swedes in general. Their perception of Sweden is that it’s a more or less ideal country to live in. The nature, the political system, the monarchy – it’s all related for the Germans, and some journalist coined the phrase “The Bullerby Syndrome” to describe the phenomenon. Astrid Lindgren is very popular in Germany, so Germans grow up reading these,children’s stories and naturally the image sticks, true or not. And of course, there is Queen Silvia. All in all, I think the Swedes have a far more sober relation to the Germans, so there is definitely an “emotional asymmetry”. Maybe we can work on that..
Why do you think Berlin has turned into such a vibrant and liberal place?
– Berlin has a deep and controversial history, and I really think that the people of Berlin are dealing with that in an honest and open way. Berlin doesn’t try to hide anything, rather it tries to integrate its different features into something that can have a positive impact for today and tomorrow. It is an important city for the arts and music, for culture in general. Thousands of immigrants have contributed to the diverse and liberal atmosphere which makes Berlin so unique.
How do you look upon the reunification today?
– I think of the enormous significance the reunification had. First Berlin was united; then Germany, then Europe – there is a great deal of symbolism here. In Stockholm, we will of course also be celebrating this historic event with our Swedish friends and partners on October, 3rd.
Do you have an action plan for the rest of your stay here?
– By travelling around in Sweden I would like to further improve the German-Swedish relations with a focus on economic issues. I have already visited many enterprises.
The article is previously published in the magazine Swedish Bulletin.
måndag, augusti 23, 2010
måndag, augusti 02, 2010
Global guidance for the wealthy
Wealthy people tend to travel, and so does their money. When moving abroad or back home, entrepreneurs, expatriates and athletes all share the same problem: international tax laws and banking regulations can be difficult to track and understand. SEB Private Banking offers professional advice in 11 geographies.
Gerth Svensson is global head of SEB private banking, with operation in countries such as the Nordic and Baltic regions as well as the financial hubs in Switzerland, Luxemburg, London and Singapore.
– At SEB we have a long tradition of private banking services, he explains. The Wallenberg family started financing Swedish entrepreneurs already in the 1850’s, and when these entrepreneurs spread out in the world, they needed someone to look after their financial needs.
To some extent these entrepreneurs are still one of the main foundations in SEB Private Banking, but other wealthy individuals such as professional athletes and expatriates also belong to the target group.
– Every client has his or her special needs, and our ambition is to help them in as many ways as possible, from day to day banking to comprehensive international legal and tax advice. In this area, we believe we have an unmatched competence.
Complexity is common
Wealth structuring is an important part of private banking, and is crucial for wealthy clients with complex wealth situations.
– Naturally, tax issues are often one of the most prominent concerns, especially when clients expatriate from the Nordic countries to other parts of the world. They are perhaps only abroad for two or three years. During that time many appreciate to be able to manage the day to day banking activities with a banker who is not only fluent in the Nordic languages and knows the cultures, but also understands their financial situation and has knowledge in the local regulations.
The advice range from questions related to generation planning and international mortgage lending to complex issues for wealthy entrepreneurs who have sold their Nordic companies and moved abroad. As an international player the perspective is global. From the office in Singapore, SEB can for example help clients all over Asia.
– We are the only Nordic bank with physical representation in Singapore, which means that we have clients operating in China and other parts of the region, says Gerth Svensson. With around 450 employees worldwide, we can offer a very personal service as well as an in-depth knowledge of the local market.
Three levels of service
There are basically three different kinds of services. Discretionary management is for clients who want help with taking care of their investment decisions within a risk level they feel comfortable with. Other clients prefer advisory management where they have discussion with their banker before every transaction is executed. Savvy clients have full access to equity research and a personal broker.
– One good advantage with being in many markets is that we can work in all different timezones, says Gerth Svensson. We can update our positions and recommendations to the clients very quickly, 24 hours of the day.
In the aftermath of our latest financial crisis, Gerth Svensson is surprised how fast things got back to normal.
– The risk appetite came back much stronger than I anticipated, and while some people obviously want more stability and less risk in their portfolio after times like these, others seek new investment opportunities in a recovering economy.
In Europe, many of the clients are entrepreneurs, while in Asia there are plenty of business professionals. But what about the athletes we mentioned earlier – what makes them part of the target group?
– Professional athletes often find themselves in a very vulnerable position. They move abroad very young, and they often move from country to country. They are therefore in need of long term professional advice, not least since they create their entire wealth during a limited number of years. We can help them out with investments, tax issues, language barriers and retirement plans.
The article is previously published in the magazine Swedish Bulletin.
Gerth Svensson is global head of SEB private banking, with operation in countries such as the Nordic and Baltic regions as well as the financial hubs in Switzerland, Luxemburg, London and Singapore.
– At SEB we have a long tradition of private banking services, he explains. The Wallenberg family started financing Swedish entrepreneurs already in the 1850’s, and when these entrepreneurs spread out in the world, they needed someone to look after their financial needs.
To some extent these entrepreneurs are still one of the main foundations in SEB Private Banking, but other wealthy individuals such as professional athletes and expatriates also belong to the target group.
– Every client has his or her special needs, and our ambition is to help them in as many ways as possible, from day to day banking to comprehensive international legal and tax advice. In this area, we believe we have an unmatched competence.
Complexity is common
Wealth structuring is an important part of private banking, and is crucial for wealthy clients with complex wealth situations.
– Naturally, tax issues are often one of the most prominent concerns, especially when clients expatriate from the Nordic countries to other parts of the world. They are perhaps only abroad for two or three years. During that time many appreciate to be able to manage the day to day banking activities with a banker who is not only fluent in the Nordic languages and knows the cultures, but also understands their financial situation and has knowledge in the local regulations.
The advice range from questions related to generation planning and international mortgage lending to complex issues for wealthy entrepreneurs who have sold their Nordic companies and moved abroad. As an international player the perspective is global. From the office in Singapore, SEB can for example help clients all over Asia.
– We are the only Nordic bank with physical representation in Singapore, which means that we have clients operating in China and other parts of the region, says Gerth Svensson. With around 450 employees worldwide, we can offer a very personal service as well as an in-depth knowledge of the local market.
Three levels of service
There are basically three different kinds of services. Discretionary management is for clients who want help with taking care of their investment decisions within a risk level they feel comfortable with. Other clients prefer advisory management where they have discussion with their banker before every transaction is executed. Savvy clients have full access to equity research and a personal broker.
– One good advantage with being in many markets is that we can work in all different timezones, says Gerth Svensson. We can update our positions and recommendations to the clients very quickly, 24 hours of the day.
In the aftermath of our latest financial crisis, Gerth Svensson is surprised how fast things got back to normal.
– The risk appetite came back much stronger than I anticipated, and while some people obviously want more stability and less risk in their portfolio after times like these, others seek new investment opportunities in a recovering economy.
In Europe, many of the clients are entrepreneurs, while in Asia there are plenty of business professionals. But what about the athletes we mentioned earlier – what makes them part of the target group?
– Professional athletes often find themselves in a very vulnerable position. They move abroad very young, and they often move from country to country. They are therefore in need of long term professional advice, not least since they create their entire wealth during a limited number of years. We can help them out with investments, tax issues, language barriers and retirement plans.
The article is previously published in the magazine Swedish Bulletin.
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