Swedbank A

Board/Management Information • Jun 17, 2019

Changes within the Management Board of Swedbank AS, Estonia

Changes within the Management Board of Swedbank AS, Estonia

The Council of Swedbank Estonia has decided to make changes in the Management

Board of Swedbank Estonia. This is a consequence of the ongoing internal

investigation. The Council has elected Olavi Lepp, currently Chief Risk Officer,

as acting Chairman of the Management Board and acting CEO of Swedbank Estonia

and Anna Kõuts, currently Head of Treasury, as acting CFO and acting member of

the Management Board. Both these changes are subject to approval from competent

authorities.

The current Chair of the Management Board and CEO of Swedbank Estonia, Robert

Kitt, and the current CFO and Management Board Member of Swedbank Estonia, Vaiko

Tammeväli, will both leave their positions in the Management Board and have been

suspended until further notice. Furthermore, the Council member Priit Perens

will end his employment with the bank and has left the Council.

"Today's decision is a consequence of the ongoing internal investigation. We are

fully committed to the Estonian market and to all our employees, customers and

other stakeholders. Estonia is one of four home markets of Swedbank. We will

continue developing Estonian's leading bank with society and customers in

focus", says Charlotte Elsnitz, Head of Baltic Banking, Swedbank, and Chair of

the Council of Swedbank AS, Estonia.

The changes will take immediate effect.

"As previously communicated, Swedbank has initiated an in-depth internal

investigation with the help of external resources to investigate historical AML

compliance and Swedbank will continuously act upon the conclusions of the

investigations. In addition, Swedbank is fully cooperating with the authorities

in Sweden, the U.S. and the Baltic countries in their respective

investigations", adds Charlotte Elsnitz.

Contact:

Unni Jerndal, Head of Press Office, Swedbank +46 730 92 11 80

This announcement involves the disclosure of inside information:

Swedbank AB (publ) is required to disclose this information pursuant to

Regulation (EU) No 596/2014 on market abuse, the Swedish Securities Markets Act

(2007:528), the Swedish Financial Instruments Trading Act (1991:980) and the

regulatory framework of Nasdaq Stockholm. This information was sent to be

published on 17 June 2019 at 20:30 CET.

Swedbank encourages a sound and sustainable financial situation for the many

households and businesses. 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 over 7 million retail customers and around

600 000 corporate customers and organisations with 180 branches in Sweden and

122 branches in the Baltic countries. The group is also present in other Nordic

countries, the US and China. As of 31 March, 2019 the group had total assets of

SEK 2 246 billion.  Read more at www.swedbank.com