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Swedbank makes provision for potential agreement with OFAC

Swedbank can now assess the financial impact from the investigation by the U.S.

Treasury's Office for Foreign Assets Control (OFAC) regarding the bank´s

historical shortcomings. OFAC's investigation relates to the transactions that

the bank has notified the authority about. Swedbank therefore makes a provision

of 40 million SEK.

"We can now assess the financial impact. The dialogue with OFAC is good. But we

cannot say when it will be concluded," says Tomas Hedberg, Head of Special Task

Force and Deputy CEO of Swedbank.

The investigations by the Department of Justice (DoJ), Securities and Exchange

Commission (SEC), and Department of Financial Services in New York (DFS), are

ongoing. Swedbank is holding separate discussions with them through our U.S.

legal advisors.

The investigations are at different stages and the bank cannot at this time

determine any financial consequences, nor when the investigations will be

completed.

Contact:

Annie Ho

Unni Jerndal

Head of Investor Relations Senior

Advisor

+46 70 343 7815 +46 73

092 1180

This disclosure contains information that Swedbank is obliged to make public

pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was

submitted for publication, through the agency of the contact person, on 10-03

-2023 07:30 CET.

Swedbank empowers the many people and businesses to create a better future. Our

vision is a financially sound and sustainable society. Swedbank Group is the

leading bank with over 7 million retail customers and 550 000 corporate

customers in our four home markets Sweden, Estonia, Latvia and Lithuania.

Swedbank Group is also present in other Nordic countries, the U.S. and China.

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