Press Release February 8, 2010

Swedbank to redeem two subordinated bonds

Swedbank will redeem two of its outstanding subordinated bonds; the
Hybrid Tier 1 subordinated bond (ISIN XS0109209493) in the amount of USD
300 000 000 and the Lower Tier 2 subordinated bond (ISIN XS0216216845)
in the amount of USD 246 550 000. Each redemption will take place on the
first available date being March 17, 2010 for the Hybrid Tier 1 bond and
April 30, 2010 for the Lower Tier 2 bond.

Swedbank has at this point no intention to replace either of these bonds
by issuing new subordinated instruments. This statement is in line with
Swedbank's previous announcement regarding its view that the continued
ability to support the Bank's balance sheet should be secured by its
core Tier 1 capital.

"The current pricing of subordinated debt relative to other forms of
capital, is not in our view reflecting the benefit given by the market,
regulators and credit agencies for these instruments. We continuously
review the Bank's capital composition, not least considering the
upcoming regulatory changes. However, at this point we do not plan for a
new issue of subordinated debt" says Jonas Erikson, Head of Treasury at
Swedbank.

Finansinspektionen (SFSA) has given its approval to both redemptions.

For further information please contact:
Thomas Backteman, Head of Corporate Communications, Swedbank, phone:+46
708 311 166

Swedbank's vision is to be the leading financial institution in the
markets where we are present. Swedbank has 9.5 million retail customers
and 600,000 corporate customers with 389 branches in Sweden, 235
branches in the Baltic countries and another 218 branches in Ukraine.
The group is also present in Copenhagen, Helsinki, Kaliningrad,
Luxembourg, Moscow, New York, Oslo, Shanghai, S:t Petersburg and Tokyo.
As of September 30 2009 the group had total assets of SEK 1,815 billion
and approximately 20,000 employees. For more information about Swedbank,
please visit www.swedbank.com