Swedbank A

Capital/Financing Update • Oct 21, 2010

21 October 2010

SWEDBANK AB (publ)

Issue of

SEK 200,000,000 Floating Rate Notes due October 2012

(to be consolidated and form a single series with the existing SEK 100,000,000 Floating Rate Notes due October 2012, XS0459210265 (tranche 1) issued on 22 October 2009)

under the

U.S.\$40,000,000,000 Global Medium Term Note Programme

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the "Conditions") set forth in the Prospectus dated 20 May 2009. This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of Directive 2003/71/EC (the "Prospectus Directive") and must be read in conjunction with the Prospectus dated 20 May 2010 and the supplementary prospectuses dated 22 July 2010 and 21 October 2010, which together constitute a base prospectus for the purposes of the Prospectus Directive, save in respect of the Conditions which are extracted from the Prospectus dated 20 May 2009 and are incorporated by reference in the Prospectus dated 20 May 2010. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Prospectus dated 20 May 2010 and the supplementary prospectuses dated 22 July 2010 and 21 October 2010. The Prospectus is available for viewing at www.londonstockexchange.com and copies may be obtained from the Issuer at Swedbank AB (publ), SE-105 34 Stockholm, Sweden.

1.	Issuer:		Swedbank AB (publ)
2.	Series Number: (i)		128
	(ii)	Tranche Number:	2
3.		Specified Currency or Currencies:	Swedish Krona "SEK"
4.	Aggregate Nominal Amount:
	Series: (i)		SEK 300,000,000
	(ii) Tranche:		SEK 200,000,000
5.	Issue Price:		100.396 per cent. of the Aggregate Nominal Amount
6.	(i)	Specified Denominations:	SEK 1,000,000
	(ii)	Calculation Amount:	SEK 1,000,000
7.	Issue Date: (i)		26 October 2010
	(ii)	Interest Commencement Date:	22 October 2009
8.	Maturity Date:		Interest Payment Date falling in or nearest to October 2012
9.	Interest Basis:		3 months STIBOR $+$ 0.95 per cent.
			Floating Rate

			(further particulars specified below)
10.	Redemption/Payment Basis:		Redemption at par
11	Change of Interest Basis or Redemption/Payment Basis:		Not Applicable
12.	Put/Call Options:		Not Applicable
13.	(i)	Status of the Notes:	Unsubordinated – Condition $3(a)$ will apply
	(ii)	Date [Board] approval for issuance of Notes obtained:	Not Applicable
14.		Method of distribution:	Non-syndicated
		PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15.	Fixed Rate Note Provisions: (Condition $4(a)$ )		Not Applicable
16.		Floating Rate Note Provisions:	Applicable
	(i)	Specified Period(s)/Specified Interest Payment Dates:	The period from and including the Issue Date to but excluding the first Specified Interest Payment Date and, thereafter, each period from and including a Specified Interest Payment Date to but excluding the next Specified Interest Payment Date
			Interest will be payable quarterly in arrears on 22 January, 22 April, 22 July and 22 October in each year, from and including 22 January 2010, to and including 22 October 2012 (each a "Specified Interest Payment Date") subject, in each case, to adjustment in accordance with the Business Day Convention specified below
	(ii)	Business Day Convention:	Modified Following Business Day Convention
		$(iii)$ Business Centre $(s)$ :	Stockholm, TARGET
(iv) Manner in which the Rate(s) of Interest Screen Rate Determination is/are to be determined: Party responsible for calculating the (V) of Interest Interest Rate(s) and Amount(s) (if not the Principal Paying Agent):
			Not Applicable
	(V1)	Screen Rate Determination:	Applicable
		Reference Rate:	3 months STIBOR
			STIBOR means the rate for deposits in SEK for a period which appears on the Reuters Screen SIDE page under the caption "FIXING" as of 11 a.m. Stockholm time on the relevant Interest Determination Date as defined below
		Interest Determination Date(s):	Second Stockholm business day prior to the start of each Interest Period
		Relevant Screen Page:	Reuters Screen SIDE page under the caption "FIXINGS"

	(vii) ISDA Determination:	Not Applicable
	$(viii)$ Margin $(s)$ :	$+0.95$ per cent. per annum
	(ix) Minimum Rate of Interest:	Not Applicable
	Maximum Rate of Interest: (x)	Not Applicable
	(xi) Day Count Fraction:	Actual/360
	$(xii)$ Fall provisions, back rounding provisions, denominator and any other terms relating to the method of calculating interest on Floating Rate Notes, if different from those set out in the Conditions:	Not Applicable
17.	Zero Coupon Note Provisions:	Not Applicable
18.	Index-Linked Interest Note/other variable- linked interest Note Provisions:	Not Applicable
19.	Dual Currency Interest Note Provisions:	Not Applicable
	PROVISIONS RELATING TO REDEMPTION
20.	Issuer Call:	Not Applicable
21.	Investor Put:	Not Applicable
22.	Final Redemption Amount:	SEK 1,000,000
23.	Early Redemption Amount:
	Early Redemption Amount(s) payable on redemption for taxation reasons or on Event of Default or other early redemption and/or the method of calculating the same (if required or if different from that set out in Condition $5(e)$ :	Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE NOTES
24.	Form of Notes:
	Form: (i)	Bearer Notes:
		Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Bearer Notes only upon an Exchange Event
	New Global Note: (ii)	No
25.	Financial Centre(s) or other special provisions relating to Payment Days:	Not Applicable
26.	Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature):	No
27.	Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be	Not Applicable

______________________________________

made [and consequences (if any) of failure to
pay, including any right of the Issuer to forfeit
the Notes and interest due on late payment]:

1. Details relating to Instalment Notes:

	(i) Instalment Amount(s):		Not Applicable
	(ii)	Instalment $Date(s)$ :				Not Applicable
29.		Redenomination, reconventioning provisions:	renominalisation and		Not Applicable
30.	Consolidation provisions:		Not Applicable
31.		Additional U.S. Federal Considerations:		Income	Tax	Not Applicable
32.		Other final terms:				Not Applicable
		DISTRIBUTION
	33. (i) If syndicated, names of Managers:			Not Applicable
(ii)		Date of Subscription Agreement:				Not Applicable
		(iii) Stabilising Manager(s) (if any):				Not Applicable
34.	If non-syndicated, name of Dealer:		Swedbank AB (publ) SE-105 34 Stockholm
35.	Whether TEFRA D rules are applicable or TEFRA rules are not applicable:			TEFRAD
36.	Additional selling restrictions:			Not Applicable

PURPOSE OF FINAL TERMS

These Final Terms comprise the final terms required for issue and admission to trading on the EEA Regulated Market of the London Stock Exchange and listing on the Official List of the UK Listing Authority of the Notes described herein pursuant to the U.S.\$40,000,000,000 Global Medium Term Note Programme of Swedbank AB (publ).

RESPONSIBILITY

The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of the Issuer: By: $\ldots \ldots \ldots \ldots$ Duly authorig arsson Lars Lindblom

PART B - OTHER INFORMATION

1. LISTING AND ADMISSION TO TRADING

$2.$

$3.$

5.

Π,	Listing:	London
(11)	Admission to trading:	Application has been made for the Notes to be admitted to trading on the London Stock Exchange with effect from 26 October 2010
	(iii) Estimate of total expenses related to admission to trading:	Not Applicable
	RATINGS
	Ratings:	Not Applicable
	INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/ OFFER

Save for any fees payable to the Dealers, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.

REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES $4.$

(i)	Reasons for the offer:	See "Use of Proceeds" wording in Prospectus
(ii)	Estimated net proceeds:	SEK 200,844,000 (including 4 days' accrued interest at 2.34 per cent. of SEK 52,000)
	(iii) Estimated total expenses:	Not Applicable
Fixed Rate Notes only – YIELD		Not Applicable

• 1. Index-Linked or other variable-linked Notes only - PERFORMANCE OF INDEX/ FORMULA/OTHER VARIABLE, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATION CONCERNING THE UNDERLYING
• Dual Currency Notes only PERFORMANCE OF RATE[S] OF EXCHANGE AND $7.$ EXPLANATION OF EFFECT ON VALUE OF INVESTMENT

8. OPERATIONAL INFORMATION

(i)	ISIN Code:	XS0459210265
	Temporary ISIN Code:	XS0552791872
(ii)	Common Code: Temporary Common Code:	045921026 055279187
(iii)	Cusip:	Not Applicable
(iv)	CINS:	Not Applicable
(v)	Swiss Security Number:	Not Applicable
(v 1 )	Any clearing system(s) other than Euroclear Bank SA/NV, Clearstream Banking société anonyme and SIX SIS AG (together with the address of each	Not Applicable

(vii) Settlement procedures:

identification number(s):

such clearing system) and the relevant

Customary settlement and payment procedures apply

(viii) Delivery:

$\mathcal{A}^{\mathcal{A}}$

$\sim$ $\sim$

• (ix) Names and addresses of additional Paying Agent(s) (including, in the case of Swiss Domestic Notes, the Principal Swiss Paying Agent and any other Swiss Paying Agents) (if any):
• $(x)$ Intended to be held in a manner which would allow Eurosystem eligibility:

Delivery against payment

Not Applicable

$\rm No$