Swedbank Announces Re-Structuring - Shifts the Decision Making Power Closer to the Customers

Regulatory News:

In order to position the bank for more profitable growth, Swedbank has today decided upon a number of organisational changes. A key element of the bank’s future strategy is to shift the responsibility and authority closer to the bank’s customers through a formalisation of responsibility. As part of this process, Swedbank will strengthen its Group Executive Management with the bank’s regional heads and country managers within Swedish and Baltic Banking.

The work within Swedish Banking will be re-organised in a new structure over the next six months. The operations will be organised in six regions, an additional two compared to the current organisation. One of the changes includes business conducted within Stockholm becoming an independent region. The Swedish regional Heads will obtain clearer business mandate as well as an increased operational responsibility for both the partly owned banks in the region as well as the collaboration with the Savings banks.

In connection with the new organisation, Magnus Gagner Geeber who today holds the position as Head of Swedbank Markets has been appointed regional Head for the greater Stockholm area. Magnus Gagner Geeber has extensive experience of working operationally with customers within Swedbank, during his time as Head of Export and Project Financing as well as Head of Customer Relations for large corporates. The new appointment will come into force at September 1st. The current regional Head Bengt Erik Lindgren who retires during next year will serve as a Senior Advisor to the Swedish Banking’s management team in combination with a number of Board assignments with Swedbank Robur and Fastighetsbyrån.

Mikael Edler, the current Head of Treasury has been appointed Regional Head of Västra Regionen. Mikael Edler also has long experience of working operationally with customer within Swedbank, such as during his time as divisional Head of Stockholm. The new appointment will come into force at the end of the year 2009/2010. The existing regional Head Peter Rydell will assist the transition over a six month period after which time he will work as a Senior Advisor to the Swedish Management team up until his retirement in the autumn 2010.

”These changes will help to strengthen us in our ambition to remain close to our customers through moving some of our best businessmen and women to our regional operations from our shared units”, says Kjell Hedman Head of Swedish Banking, Swedbank.

Additional changes in connection with the restructuring include Stefan Carlsson’s appointment as new Head of Swedbank Markets. Stefan Carlsson most recently served as CEO and partner for Banque Öhman S.A in Luxembourg. Prior to that, Stefan Carlsson was Global Head of Equities at SEB Enskilda Equities (Enskilda Securities), Global Head of Interest and Stock asset management within DnB ‘s asset manegement and held various leading positions with Trading Capital Market at SEB. Stefan Carlsson will also be part of the Group Executive Management. Helena Nelson has been appointed new Head of Swedbank’s Compliance division. Helena Nelson most recently served as Legal Head at Skandia.

”Through a higher degree of formalisation and shared group wide processes we can shift the decision making power closer to our customers. Our goal to build a more traditional bank takes a step forward with these important changes,” says Michael Wolf, President and CEO of Swedbank.

Swedbank’s vision is to be the leading financial institution in the markets where we are present. Swedbank has 9.4 million retail customers and 600,000 corporate customers with 419 branches in Sweden, 278 branches in the Baltic countries and another 215 branches in Ukraine. The group is also present in Copenhagen, Helsinki, Kaliningrad, Luxembourg, Moscow, New York, Oslo, Shanghai, St. Petersburg and Tokyo. As of December 2008 the group had total assets of SEK 1,812 billion and approximately 21,000 employees. For more information about Swedbank, please visit www.swedbank.com.

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