BERLIN (AP) – Sweden's SEB AB says it is selling its German retail banking business to Banco Santander of Spain in a deal worth 555 million euros ($702 million).

SEB said yesterday that the sale will allow it to concentrate on "core areas of competitive advantage in Germany".

The company said the deal would have be financially positive for it in the long term.

However, it said there would be a net negative financial impact up to closing of 240 million euros before tax. After that, there also will be negative effects next year estimated at 65 million euros.