Swedbank Strengthens Market Position in Southern Sweden
STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
“Sparbanken Skåne* – a new strong regional bank”
Swedbank (OSE:SWED) (STO:SWEDA) (LSE:SWK):
Supplementary information regarding press release "Sparbanken Skåne* – a new strong regional bank" at 07:00 CET on Friday 14 February.
Swedbank acquires Sparbanken Öresund. Through a simultaneous structural deal, a new regional bank – Sparbanken Skåne* – is being formed in which Swedbank will have a 22 per cent ownership. The deal offers significant opportunities for long-term value creation.
- Swedbank strengthens its market position in a significant growth region
- Swedbank takes over 16 branches from Sparbanken Öresund
- New market position in Båstad, Ängelholm and Lomma
- Anticipated positive results impact in 2014 is SEK 200m after tax
- Common Equity Tier 1 capital ratio negatively affected by 0.6 percentage points
- Earlier cost guidance for 2014 adjusted upwards by SEK 650m
- Sparbanken Skåne will be the largest savings bank in Sweden
Lars Ljungälv, currently CEO of Sparbanken Öresund, will be the new head of Swedbank's Southern Region and thereby a member of Swedbank's Group Executive Committee. Stojko Gjurovski, the present head of the region, will continue in parallel for a transition period.
Telephone conference on Friday 14 February at 10:00 CET
Michael Wolf, Swedbank's President and CEO, and Göran Bronner, CFO, will present the deal during a telephone conference for analysts. The telephone conference will be in English and directly transmitted on www.swedbank.se/ir. A recording will also be available.
To participate in the conference please dial +46 8 505 564 74 or +44 203 364 5374 five minutes before the start of the telephone conference.
* Proposed name
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 8 million retail customers and around 600,000 corporate customers and organizations with 306 branches in Sweden and approximately 180 branches in the Baltic countries. The group is also present in other Nordic countries, the U.S. and China. As of 30 September, 2013 the group had total assets of SEK 1,832 billion. Read more at www.swedbank.com
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