Swedbank A

Capital/Financing Update • Jan 19, 2011

19 January 2011

SWEDBANK AB (publ)

Issue of

EUR 80,000,000 Floating Rate Notes due 17 January 2012

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 set forth in the Prospectus dated 20 May 2010 (the "Prospectus"), the supplementary prospectus dated 22 July 2010 and 21 October 2010 which together constitutes a base prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive"). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Prospectus as so supplemented. 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 as so supplemented. The Prospectus and the supplementary prospectuses are available for viewing at Swedbank AB (publ), Brunkebergstorg 8, SE-105 34 Stockholm or on the website of the London Stock Exchange at http://www.rns-pdf.londonstockexchange.com/en-gb/pricenews/marketnews and copies may be obtained from the specified office of the Principal Paying Agent in London.

1.	Issuer:		Swedbank AB (publ)
2.	(i)	Series Number:	147
	(ii)	Tranche Number:	Ţ
3.		Specified Currency or Currencies:	EUR
4.		Aggregate Nominal Amount:
	(i)	Series.	EUR 80,000,000
	(ii)	Tranche:	EUR 80,000,000
5.		Issue Price:	99.98 per cent. of the Aggregate Nominal Amount
6.	(i)	Specified Denominations:	EUR 100,000
	(ii)	Calculation Amount:	EUR 100,000
7.	(i)	Issue Date:	21 January 2011
	(ii)	Interest Commencement Date:	21 January 2011
8.		Maturity Date:	Interest Payment Date falling in or nearest to January 2012
9.		Interest Basis:	3 months EURIBOR $+$ 0.23 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

Miljöcertifierad enligt ISO 14001

BI 9913

Bankgiro 980-0012 www.swedbank.se

		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 17 April, 17 July, 17 October and 17 January in each year, from and including 17 April 2011, to and including Maturity Date (each a "Specified Interest Payment Date") subject, in each case, to adjustment in accordance with the Business Day Convention specified below
			There will be a short first interest period from and including the Issue Date to but excluding 17 April 2011
	(ii)	Business Day Convention:	Modified Following Business Day Convention
		$(iii)$ Business Centre $(s)$ :	TARGET
		(iv) Manner in which the Rate(s) of Interest Screen Rate Determination is/are to be determined:
		(v) Party responsible for calculating the Not Applicable Rate(s) оf Interest and Interest Amount(s) (if not the Principal Paying Agent):
		(vi) Screen Rate Determination:	Applicable
		Reference Rate:	3 months EURIBOR
			However, for the first interest period from and including the Issue Date to but excluding 17 April 2011 interpolation of 2 month EURIBOR and 3 month EURIBOR
		Interest Determination Date(s):	Two (2) TARGET Business Days prior to the start of each Interest Period
		Relevant Screen Page:	Reuters page 'EURIBOR 01'
		(vii) ISDA Determination:	Not Applicable
		$(viii)$ Margin $(s)$ :	$+0.23$ 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 back provisions, 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:	EUR 100,000 per Calculation Amount
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:	London
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 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:	Not Applicable

$\circledcirc$

1. Details relating to Instalment Notes:

	(i) Instalment Amount(s):			Not Applicable
	(ii)	Instalment $Date(s)$ :				Not Applicable
29.		Redenomination, renominalisation reconventioning provisions:			and	Not Applicable
30.	Consolidation provisions:				Not Applicable
31.		Additional U.S. Considerations:	Federal	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 TEFRAD TEFRA rules are not applicable:
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: $\ldots$ CONTRACTOR Duly authorised $\frac{1}{9}$ s Lindblom Sara Larsson

PART B - OTHER INFORMATION

1. LISTING AND ADMISSION TO TRADING

	(i)	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 21 January 2011
		(iii) Estimate of total expenses related to admission to trading:	Not Applicable
2.		RATINGS
	Ratings:		The Notes have been assigned the following ratings:

$S & P: A$ Moody's: A2

3. 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 $4 \quad$

	(i) Reasons for the offer:	See "Use of Proceeds" wording in Prospectus
	(ii) Estimated net proceeds:	EUR 79,984,000
	(iii) Estimated total expenses:	Not Applicable
Fixed Rate Notes only - YIELD		Not Applicable

• Index-Linked or other variable-linked Notes only PERFORMANCE OF INDEX/
  FORMULA/OTHER VARIABLE, EXPLANATION OF EFFECT ON VALUE OF 6. 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

identification number(s):

$5.$

(i)	ISIN Code:	XS0582771001
(ii)	Common Code:	058277100
(iii)	Cusip:	Not Applicable
(iv)	CINS:	Not Applicable
(v)	Swiss Security Number:	Not Applicable
(v i )	Any clearing system(s) other than Euroclear Bank SA/NV, Clearstream Banking société anonyme and SIX SIS AG (together with the address of each such clearing system) and the relevant	Not Applicable

	(vii) Settlement procedures:	Customary settlement and payment procedures apply
	(viii) Delivery:	Delivery against payment
(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):	Not Applicable
(x)	Intended to be held in a manner which would allow Eurosystem eligibility:	No.