Changes in Executive Management of Swedbank

Regulatory News:

Swedbank (STO:SWEDA) (OSE: SWED) (LSE:SWK) appoints Birgitte Bonnesen, the present Head of Baltic Banking, as Head of Swedish Banking. Priit Perens is appointed new Head of Baltic Banking. Both will be members of the Group Executive Committee (GEC), which is further extended with Viveka Strangert, Head of Group Compliance.

In order to strengthen the change management within the Swedish banking operation that started a few years ago, a Head of Swedish Banking is appointed. With the rapid changes occurring in the way the customers meet the bank comes the need for strengthened co-ordination of customer offerings as well as simplification of internal processes. All with the aim to better live up to customers’ expectations.

"I am very happy that Brigitte has accepted the new position. She has successfully made a journey of this kind in Baltic Banking with continuous high customer satisfaction, good results, and engaged employees”, says Michael Wolf.

"That we are able to replace Birgitte with Priit Perens, an internal candidate from one of our four home markets, is also very pleasing”, he continues. "Priit has several years of experience from different managerial positions within our Estonian bank, most recently as CEO, and is very well suited to continue the journey that he together with Brigitte has started”, Michael Wolf continues.

”It requires both co-ordination and more efficient processes to maintain our profitability, as well as continued solid risk management and capital efficiency, Michael Wolf concludes.

All changes will take effect as of 1 January 2015 and GEC will then consist of 19 members.

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 600 000 corporate customers and organisations with 318 branches in Sweden and 170 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 30 September 2014 the group had total assets of SEK 2 078 billion. Read more at www.swedbank.com

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