The Swedish Financial Supervisory Authority approved Swedbank's acquisition of
Sparbanken Öresund on 16 May. On receipt of all the authorisations, the
acquisition was completed on 20 May and integration work was begun. The acquired
portions of Sparbanken Öresund are being consolidated as of 21 May.
Preliminary financial impact on Swedbank's income statement during the period 21
May to 30 June1 (SEKm).
of which net interest income 53
of which net commission income 18
of which other income 473
of which badwill 2
of which restructuring costs 2 591
Tax expense 2
1 Excluding the impact of Sparbanken Skåne, where Swedbank owns 22 per cent.
2 Non-recurring items in connection with the acquisition, including positive tax
effect of SEK 130m.
Integration costs, in the form of restructuring costs, are somewhat higher than
what had previously been estimated. At the same time, larger surplus values have
been identified in the acquired operations which entailed a somewhat larger
The acquisition's impact on Swedbank's volumes and risk exposure amount as of 30
Loans to the public
Deposits from the public 12
Risk exposure amount 15
Sparbanken Öresund's H1 2014 estimated results3), if the acquisition had not
taken place (SEKm).
of which net interest income 338
of which net commission income 142
of which other income 63
Profit after tax
3 The actual results for the first 5 months of the year and forecast for June.
The 8 branches sold on to Sparbanken Skåne are included and account for around
SEK 200m of income, around SEK 45m of expenses and around SEK 121m of profit
For further information, please contact:
Gregori Karamouzis, Head of Investor Relations, Swedbank tel: +46 727-40 63 38
Swedbank promotes a sound and sustainable financial situation for the many
people, households and companies. Our vision is to contribute to development
“Beyond Financial Growth”. As a leading bank in the home markets of Sweden,
Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial
services and products. Swedbank has 8 million retail customers and around 556
000 corporate customers and organisations with 305 branches in Sweden and
approximately 180 branches in the Baltic countries. The group is also present in
other Nordic countries, the US and China. As of 31 December 2013 the group had
total assets of SEK 1 820 billion. Read more at www.swedbank.com
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