Q1 2020 SEB SA Earnings Call Transcript
Good evening, ladies and gentlemen, and welcome to our Q1 2020 earnings release. I'm directly moving to the Slide 5 of the presentation, and before we will answer more specifically into our Q1 2020's numbers, please let me say a few words on the overall environment in this unprecedented global health and economic crisis.
We are indeed facing a fast-spreading epidemic that started, as you all know, in China and then spread in the rest of the world. This has led to massive lockdown and shutdowns all around the world of factory, offices, public spaces, retail, restaurants and hotels, with, in the end, all areas of the global economy being heavily impacted. Against this crisis, answers from governments are differing from one country to another, and visibility remains limited regarding the end of the epidemic for both the phasing of de-confinement and the speed of the resumption. And last but not least, regarding this environment, we have recently observed some significant currency devaluation, especially for emerging countries,
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