Swedbank A

Capital/Financing Update • Apr 18, 2011

Final Terms dated 18 April 2011

SWEDBANK AB (publ)

Issue of EUR 60,000,000 Floating Rate Notes due 18 October 2012

under the USD 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 dates 22 July 2010, 21 October 2010, and 8 February 2011 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 Swedbank AB (publ) (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 www.londonstockexchange.com/en-gb/pricesnews/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	154
	(ii)	Tranche Number:	1
3.		Specified Currency or Currencies:	Euro("EUR")
4.		Aggregate Nominal Amount:
	(i)	Series:	EUR 60,000,000
	(ii)	Tranche:	EUR 60,000,000
5.	Issue Price:		100 per cent. of the Aggregate Nominal Amount
6.	(i)	Specified Denominations:	EUR 100,000
	(ii)	Calculation Amount:	EUR 100,000
7.	(i)	Issue Date:	18 April 2011
	(ii)	Interest Commencement Date:	18 April 2011
8.	Maturity Date:		The Interest Payment Date due 18 October 2012
9.	Interest Basis:		3 month EURIBOR + 0.28 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 Not Applicable of Notes obtained:
14.	Method of distribution:		Non-syndicated

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

15.	Fixed Rate Note Provisions (Condition 4A):			Not Applicable
16.	Floating Rate Note Provisions (Condition 4B)			Applicable
(i)	Specified Period(s)/Specified Interest Payment Dates:			18 January, 18 April, 18 July and 18 October in each year, commencing 28 July 2011
(i)	Business Day Convention:			Modified Following Business Day Convention
(iii)	Business Centre(s):			London and TARGET
(iv)	Manner in which the Rate(s) of Interest is/are to be determined:			Screen Rate
(v)	Party responsible for calculating the Rate(s) of Interest and Interest Amount(s)(if not the Fiscal Agent):			Fiscal Agent
	(v i )		Screen Rate Determination:
			Reference Rate:	3 month EURIBOR
			Interest Determination Date:	Two TARGET Business Days prior to the first day of the applicable Interest Period
			Relevant Screen Page:	EURIBOR01
(vii)		ISDA Determination:		Not Applicable
(viii)	Margin(s):			Plus 0.28 per cent. per annum
(ix)	Minimum Rate of Interest:			Not Applicable
(x)	Maximum Rate of Interest:			Not Applicable
(xi)	Day Count Fraction:			Actual / 360
(xii)	Fall back provisions, rounding provisions, Not Applicable denominator and any other terms relating to the method of calculating interest on Floating Rate S.O. Bonds, if different from those set out in the Conditions:
17.	Zero Coupon Note Provisions			Not Applicable
18.	Index-Linked Interest Note / other variable- Not Applicable linked interest Note Provisions
19.	Dual Currency Interest Note Provisions			Not Applicable

PROVISIONS RELATING TO REDEMPTION

-20.	-Issuer Call	Not Applicable
21.	Investor Put	Not Applicable

EUR 100,000 per Calculation Amount

• $22.$ Final Redemption Amount:
• 1. Early Redemption Amount:

Early Redemption Amount(s) payable on As per Conditions redemption for taxation reasons or on event of default and/or the method of calculating the same (if required or if different from that set out in Conditions $5.(e)$ :

GENERAL PROVISIONS APPLICABLE TO THE NOTES

$24.$ Form of Notes:

	(i)	Form	Bearer Notes:
			Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Permanent Global Note.
	(ii)	New Global Notes:	No
25.		Financial Centre(s) or other special provisions relating to Payment Days:	London and TARGET
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: Not Applicable amount of each payment comprising the Issue Price and date on which each payment is to be made:
28.	Details relating to Instalment Notes:
	(i)	Instalment Amount(s):	Not Applicable
	(ii)	Instalment Date(s):	Not Applicable
29.	Redenomination, renominalisation and reconventioning provisions:		Not Applicable
30.	Consolidation provisions:		Not Applicable
31.	Additional U.S. Federal Income Tax Considerations:		Not Applicable
32.	Other final terms:		Not Applicable
	DISTRIBUTION
33.	(i)	If syndicated, names of Managers: Not Applicable
	(i)	Date of Subscription Agreement:	Not Applicable
	(iii)	Stabilising Manager(s) (if any):	Not Applicable
34.		If non-syndicated, name of Dealer:	Deutsche Bank AG, London Branch
35.	Whether TEFRA D rules applicable or		TEFRAD

TEFRA rules not applicable:

1. 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 regulated market of the London Stock Exchange of the Notes described herein pursuant to the USD 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:

Dvatin $By:$ . Duly outhorised

Gunnel Svahn

Martin Rydin

PART B - OTHER INFORMATION

$1.$ LISTING AND ADMISSION TO TRADING

• $(i)$ Listing: Yes, to be admitted to the Official List of the UK Listing Authority. $(ii)$ Admission to trading: Application has been made for the Instruments to be admitted to trading on the London Stock Exchange's Regulated Market with effect from the Issue Date.
• $(iii)$ Estimate of total expenses related GBP 1,750 to admission to trading:

$2.$ RATINGS

5.

Ratings:

The Notes have been assigned the following ratings:

S&P.A Moody's: A2

Fitch: A

$3.$ 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.

$\overline{4}$ . REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

(i)	Reasons for the offer:	The net proceeds of the issue of these Instruments will be used by the Issuer for general funding purposes.
(ii)	Estimated net proceeds:	EUR 59,973,000
(iii)	Estimated total expenses:	Not Applicable
	OPERATIONAL INFORMATION
(i)	ISIN Code:	XS0618263866
(i)	Common Code:	061826386
(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 and Clearstream Banking, société anonyme (together with the address of such clearing system) and the relevant identification number(s).	Not Applicable
(vii)	Settlement procedures:	Customary MTN settlement and payment procedures apply
(viii)	Delivery:	Delivery against payment
(ix)	Names and addresses of	Not Applicable

additional Paying Agent(s) (if any):

Intended to be held in a manner
which would allow Eurosystem
eligibility: $(x)$ Not Applicable