HEADQUARTERS
Stockholm, Sweden
LARGEST SHAREHOLDERS
Investor (21.1%)
AMF Fonder AB (4.7%)
Alecta Pension Insurance Mutual (4.4%)
Swedbank Robur Fonder AB (3.9%)
ENSKILDA BANKEN (2.5%)
SEB Funds AB (2.5%)
SUBSIDIARIES
SEB A/S, Denmark
SEB Pank, Estonia
DSK Hyp, Germany
SEB banka, Latvia
SEB bankas, Lithuania
SEB Corporate Bank, Ukraine
SEB Bank, Russia
SEB SA, Luxembourg
SEB AB, Helsinki
SEB Asset Management AB, Helsinki
SEB Investment Management AB, Helsinki
total assets
£210.5 billion (2.664 trillion SEK)
operations
Global, largest influence in Northern Europe
publicly traded
YES
financing overview
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GAZA GENOCIDE
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palestine occupation
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£462,526,000
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£4,395,200,000
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Company highlights and involvement
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company involved
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funding
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climate crisis
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GAZA GENOCIDE
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CONT. WEAPONS
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palestine occupation
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ROLLS-ROYCE
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£463m
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MAN GROUP
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£1.3bn
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CARLSBERG
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£1.2bn
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VOLVO GROUP
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£1.2bn
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SIEMENS
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£356m
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HEIDELBERG MATERIALS
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£347m
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ALSTOM
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£76m
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Companies bankrolling the OCCUPATION OF PALESTINE
Funded: £1.2BN
palestine occupation
Volvo Group is a Swedish multinational company which manufactures trucks, buses, construction equipment, and marine and industrial engines. Since 2020, Al-Haq reported several instances of Volvo bulldozers being used during unlawful demolitions of Palestinian structures including residential buildings and water structures. In June 2022, Volvo machinery was reportedly used in the raiding and demolishing of residential tents and animal shacks in Al-Fakheet and Al-Markez villages, after the Israeli Supreme Court had ruled in favour of the expulsion of eight villages in the region of Masafer Yatta in May 2022. Volvo heavy-duty machines were also used in 2023 in home demolitions in Palestinian neighbourhoods in the occupied West Bank and East Jerusalem.
Volvo’s importer and distributor in Israel is Mayer Cars and Trucks Ltd, including for bus chassis. Volvo Bus Corporation (26.5%) and Mayer jointly own Merkavim. Merkavim uses Volvo chassis for its armoured Mars buses that are used in services to Israeli settlements. Mayer and Merkavim are included in the updated UN Database (June 2023).
Funded: £1.2BN
palestine occupation
Carlsberg is a Danish beer brewing company. Its exclusive Israeli licensee, the Central Beverage Company (CBC), controls around 40% of the Israeli soft drinks market with products like Co- ca-Cola, Fanta, Sprite, and FuzeTea, but it also markets alcoholic beverages. Its wholly-owned marketing subsidiary, the Central Beverage Distribution Company (CBC), operates a regional distribution center and cooling houses in the Atarot Settlement Industrial Zone in the occupied West Bank. Tabor Winery, another subsidiary, produces wines from vineyards in West Bank settlements.
Carlsberg’s activities are concerning because they are linked to the use of natural resources, particularly water and land, for business purposes.
Funded: £356m
PALESTINE OCCUPATION
Siemens is a publicly traded German multinational technology company. It sells products to the manufacturing, infrastructure and transport sectors. It has sold these products to the Israeli state-owned companies and its products have been used in occupied territories.
Case Study – Siemens train cars used in the A1 route
In 2018, Siemens won a tender from the Israeli state-owned railway company, Israel Railways, for the supply of 330 electric cars in the amount of approximately NIS 4 billion, as part of the Israel Railways electrification project, which includes the Tel Aviv Jerusalem Fast Train (A1).
The tender included the provision of wagons in the amount of NIS 3.2 billion, the establishment of the maintenance facility for the wagons in the amount of NIS 230 million and maintenance services in the amount of approximately NIS 400 million. The tender included the purchase of 60 sets of electric cars, which make up about 330 cars, which contain about 33,000 seats. In addition, Siemens will build a maintenance facility for the electric cars for the company and provide maintenance services.
In December 2021, the Siemens train cars came into use in the A1 train route. The A1 train route crosses the Green Line into the occupied West Bank in two areas, using occupied Palestinian land, some of it privately owned, for an Israeli transportation project aimed exclusively for Israelis. In December 2021, the Siemens train cars came into use in the A1 train route. For more on the A1 train see Who Profits report: Crossing the Line: The Tel Aviv Jerusalem Fast Train (A1).
Funded: £1.3BN
palestine occupation
MAN Group is a German multinational company and a leading supplier of commercial vehicles and transport solutions in Europe. As reported by Who Profits, the company supplies the chassis for the car that carries the “Skunk”. This non-lethal crowd control weapon made by Odortec has been widely used by Israeli forces in the occupied West Bank, East Jerusalem, and within the Green Line against Palestinians in demonstrations and as a punitive measure. It spreads a stench that attaches to bodies and objects for considerable periods.
MAN Group also supplies chassis for buses to Egged Group, an Israeli bus company that operates bus lines to settlements in the occupied West Bank and East Jerusalem.
Caterpillar is a long-standing supplier of the Israeli military and provides it with a variety of heavy engineering machinery, including different wheel loaders, armored excavators, mini loaders and several models from the D9 armored bulldozer series (D9R, D9N, D9L and D9T).
Caterpillar machinery has been widely used for house demolition and settlement construction in the occupied Palestinian territory, as well as for the construction of the Separation Wall in the occupied West Bank and the barrier surrounding besieged Gaza.
Fitted D9 Caterpillar bulldozers are extensively used by the Israeli military to accompany military forces during invasions and military arrests in the occupied West Bank and Gaza.
D9 Caterpillar bulldozers have demolished thousands of homes in Gaza since the latest conflict started in 2023. They have caused massive damage and made large parts of Gaza uninhabitable.
Companies bankrolling the Gaza Genocide and Controversial Weapons
Funded: £463m
gaza genocide
controversial weapons
Rolls-Royce, the UK’s second-largest arms manufacturer, is deeply entwined with both Britain’s nuclear weapons programme and Israel’s machinery of war in Gaza. Through its German subsidiary MTU, Rolls-Royce supplies the engines powering Israel’s Merkava 4 and 5 tanks, Namer armoured personnel carriers, and Eitan armoured fighting vehicles—hardware extensively deployed during the 2023 ground invasion of Gaza, including in attacks on medical facilities such as Shifa Hospital. These engines are the most significant Merkava component made outside Israel, forming the backbone of armoured assaults that have killed thousands and devastated civilian infrastructure. Rolls-Royce also provides propulsion systems for 80% of the Israeli Navy’s patrol boats, which enforce the illegal and deadly blockade of Gaza.
On the nuclear front, Rolls-Royce holds contracts to supply reactor cores for the UK’s Trident missile submarines, directly supporting Britain’s weapons of mass destruction.