Swedbank acquires the remaining 49 per cent in First Securities

Press Release 12 November, 2010


Swedbank acquires the remaining 49 per cent in First Securities 

Swedbank has today agreed to acquire the outstanding 49 per cent stake in First
Securities from the minority employee shareholders. The acquisition strengthens
Swedbank's financial service offering to its retail and corporate customers as
well as to institutional investors with operations or interests in the Nordic
and Baltic countries.   



Swedbank and First Securities - one of Norway's leading investment firms with
230 employees in Oslo, Bergen and Stavanger - have had a successful
collaboration since 2002 when Swedbank became a shareholder. Swedbank's
acquisition of the remaining part in First Securities will realise the full
potential of that collaboration in regards to proficiency, revenues, costs and
organisational structure.

Through their respective complementary strengths, Swedbank and First Securities
will be able to offer high quality services within equities, commercial paper,
bond markets, fixed income and foreign exchange services, as well as in
institutional sales, corporate finance and Nordic and Baltic equity research.

The acquisition is yet another step taken by Swedbank to strengthen its
financial service offering in the Nordics for all customer groups - retail,
small and mid-size companies and large corporates and financial institutions -
in a tailored and competitive way.
 
Stefan Carlsson, Head of Large Corporates & Institutions comments the
transaction:

”Through the merger, Swedbank and First Securities can work with fully
integrated customer strategies, products and services and our offer will be
substantially improved through this integration. This strengthens our offerings
in the entire Nordic and Baltic region, and naturally also in Norway. We are
also convinced that we will strengthen the corporate culture even further
through the acquisition.” 

Jørgen Ulvness, CEO at First Securities, commented:

”Together with Swedbank we can take the next step in First Securities'
development from an advisory-driven investment firm to a fully integrated
corporate bank utilizing Swedbank's strong balance sheet. In addition to a
strong international placing power it will represent an important competitive
advantage when carrying out transactions for our clients. Together we will build
a strong Nordic unit and achieve our ambition to gain a position in the Nordic
region that none of our Norwegian competitors have.” 

The purchase price amounts to NOK 539 million in cash consideration. As part of
the transaction, an additional amount, representing a net cost for Swedbank of
up to NOK 172 million plus the sellers' share of the 2010 dividend, has been
agreed with the sellers to retain key staff and incentivise employees for the
period until and including 2013. The transaction is expected to have marginal
impact on the Group's key ratios. The acquisition is expected to be completed
during November 2010.  


For further information, please contact:
Stefan Carlsson, Head of Large Corporates & Institutions, Swedbank, phone +46
738 000 842
Jørgen Ulvness, CEO First Securities, phone +47 906 67 877
Tor Arne Olsen, Head of Communications, First Securities, phone +47 900 90 470
Henrik Mattsson, Head of Communications, Large Corporates & Institutions,
Swedbank, phone +46 705 55 33 79
Anna Sundblad, Group Press Manager, Swedbank, phone +46 70 321 39 95

Swedbank promotes a sound and sustainable financial situation for the many
people, households and companies. Our vision is to contribute to a development
“Beyond Financial Growth”. As a leading bank in the home markets Sweden,
Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial
services and products. Swedbank has 9.5 million retail customers and about
670,000 corporate customers with more than 350 branches in Sweden and over 200
branches in the Baltic countries. The group is also present in other Nordic
countries, the U.S., China, Russia and Ukraine. As of September 30 2010 the
group had total assets of SEK 1,846 billion. Read more at www.swedbank.com