STOCKHOLM, Sweden, May 5, 2004 (PRIMEZONE) -- Lansforsakringar Bank has received the credit rating A3/Prime-2 for both long-term and short-term borrowing from the Moody's credit rating institute. The credit rating increases the competitiveness of Lansforsakringar's banking operations.
"We view Moody's rating as highly positive and it is a favourable rating of the bank's development. We expect that the bank's favourable development, combined with Moody's rating, will be reflected clearly in the price of the bank's funding," says Tomas Johansson, Managing Director of Lansforsakringar Bank.
According to Moody's, the ratings assigned reflect that bank's strategic role as the banking arm of the Lansforsakringar Alliance insurance group. Lansforsakringar's customers are offered a broad range of banking and insurance services. With the large customer base within Lansforsakringar, the bank has great potential for expansion. Additional factors cited by Moody's are the bank's low risk profile and that capital adequacy is at a comfortable level.
Since the start in 1996, the bank operations have development highly positively. In pace with an increasingly number of people selecting Lansforsakringar Bank as their main bank and that customers are satisfied, volumes are rising. Customers meet Lansforsakringar through the 24 regional insurance companies and 82 advisory offices throughout Sweden and through Internet and telephone service.
For further information, contact:
Tomas Johansson +46 73 964 19 82 CEO Lansforsakringar Bank Anders Borgcrantz +46 73 964 12 51 CFO and Deputy to the President Mikael Ostlund +46 70 553 12 82 Vice President Corporate Communications mikael.ostlund@lansforsakringar.se
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