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Swedbank: Sparbanken Öresund's financial impact on Swedbank

2 July 2014

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).

Total income 544
of which net interest income 53
of which net commission income 18
of which other income 473
of which badwill 2 461
Total expenses 676
of which restructuring costs 2 591
Tax expense 2 -131
Profit after tax -5

1 Excluding the impact of Sparbanken Skåne, where Swedbank owns 22 per

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 badwill item.

The acquisition's impact on Swedbank's volumes and risk exposure
amount as of 30 June (SEKbn).

Loans to the public 16
Deposits from the public 12
Risk exposure amount 15

Sparbanken Öresund's H1 2014 estimated results3), if the acquisition
had not taken place (SEKm).

Total income 544
of which net interest income 338
of which net commission income 142
of which other income 63
Total expenses 418
Tax expense 22
Profit after tax 87

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 after tax.

For further information, please contact:
Gregori Karamouzis, Head of Investor Relations, Swedbank tel: +46
727-40 63 38 or

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


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