Handelsbanken steps up expansion in China

- Michael Zell appointed new country manager

Beginning 1 October, Michael Zell will be the new country manager for
Handelsbanken in China.

Handelsbanken has been represented in China since 1982. Today, the
Bank has branch offices in Beijing, Shanghai and Hong Kong S.A.R.

Michael Zell, who is currently chief executive of Handelsbanken Liv,
says, "We were the first Nordic bank to become established in China,
and we still have the largest presence there among the Nordic banks.
My goal is to increase our lead."

Handelsbanken's domestic markets are the Nordic countries and Great
Britain. When the Bank's customers start business in countries
outside these markets, Handelsbanken is happy to accompany them."Our customers appreciate this," notes Pär Boman, president and group
chief executive of Handelsbanken. "This is why we can be found in
more places in Asia, for example, than any other Nordic bank."

Pär Boman adds, "Michael Zell was the obvious choice as country
manager, given his solid background at the Bank. His selection also
demonstrates that we are serious about increasing our objectives in
China. Our customers are stepping up their expansion in China, so we
are doing the same."

Michael Zell is one of Handelsbanken's most experienced managers,
with long experience in starting up operations and implementing major
changes.

He built up the Bank's operations in New York in the late 1980s, and
he subsequently transformed the former Svenska Finans to a modern
finance company that was integrated into Handelsbanken under the name
Handelsbanken Finans.

When Handelsbanken acquired Stadshypotek in 1997, Michael Zell was
appointed chief executive with the task of quickly integrating the
company into the Handelsbanken Group. He was later appointed head of
Handelsbanken's largest regional bank at the time - Regional bank
Central Sweden. In recent years, he has been head of the Bank's
insurance operations and was one of the key personnel responsible for
the successful sale of SPP last year.

Michael Zell is currently chief executive of Handelsbanken Liv. No
successor has been appointed yet.


For further information, please contact:
Michael Zell, CEO Handelsbanken Liv,                            +46 8
22 92 20
Björn Börjesson, head of Handelsbanken International  +46 8 22 92 20
Johan Lagerström, press officer,
+46 8 701 13 95, +46 70 265 8014