Swedbank A

Capital/Financing Update • Jun 22, 2011

SWEDBANK AB (publ)

Issue of

SEK 540,000,000 Floating Rate Notes due 10 September 2012 (to be consolidated and form a single series with the existing Floating Rate Notes SEK 1,000,000,000 due 10 September 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 (the "Conditions") set forth in the Prospectus dated 20 May 2010 which are incorporated by reference in the Prospectus dated 19 May 2011 and are attached hereto. 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 19 May 2011, which constitute a base prospectus for the purposes of the Prospectus Directive. 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 19 May 2011. The Prospectus are available for viewing at Swedbank AB (publ), Brunkebergstorg 8, SE-105 34 Stockholm, Sweden and www.swedbank.com and copies may be obtained from Swedbank AB (publ), Brunkebergstorg 8, 105 34 Stockholm, Sweden.

Issuer:		Swedbank AB (publ)
(i)		143
(ii)		$\overline{c}$
		Swedish Krona "SEK"
(i)		SEK 1,540,000,000
(ii)		SEK 540,000,000
Issue Price: 5.		100.531 per cent of the Aggregate Nominal Amount
(i)		SEK 1,000,000
(ii)		SEK 1,000,000
(i)		28 June 2011
(ii)		10 September 2010
Maturity Date:		Interest Payment Date falling in or nearest to September 2012
Interest Basis: 9.		3 months STIBOR $+0.70$ per cent.
		Floating Rate
		(further particulars specified below)
10. Redemption/Payment Basis: Redemption at par
		Series Number: Tranche Number: Specified Currency or Currencies: Aggregate Nominal Amount: Series: Tranche: Specified Denominations: Calculation Amount: Issue Date: Interest Commencement Date:

11	Change of Interest Basis or Redemption/Payment Basis:		Not Applicable
12.	Put/Call Options:		Not Applicable
13.	Status of the Notes: (i)		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 10 December, 10 March, 10 June and 10 September in each year, from and including 10 December 2010, 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
	(ii)	Business Day Convention:	Modified Following Business Day Convention
		(iii) Business Centre(s):	Stockholm
	(iv) Manner in which the Rate(s) of Interest is/are to be determined:		Screen Rate Determination
	(v)	Party responsible for calculating the Rate(s) of Interest and Interest Amount(s) (if not the Principal Paying Agent):	Not Applicable
		(vi) 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):	$+0.70$ 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, 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 per Calculation Amount
23.	Early Redemption Amount:
	Early Redemption Amount(s) payable on Not Applicable 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 $5(e)$ :
	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 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 made	Not Applicable

1. Details relating to Instalment Notes:

$\overline{\phantom{a}}$

(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
	Date of Subscription Agreement: (ii)			Not Applicable
	(iii) Stabilising Manager(s) (if any):		Not Applicable
34.	If non-syndicated, name of Dealer:			E. Öhman j:or Fondkommission AB Stockholm
	35. Whether TEFRA D rules are applicable or TEFRA rules are not applicable:			TEFRA D
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:

.
MW Bv:

Duly authorised

Gunnel Svahn

Martin Rydin

PART B-OTHER INFORMATION

$1.$ LISTING AND ADMISSION TO TRADING

$2₁$

$5₁$

(i) Listing: London (ii) Admission to trading: Application has been made for the Notes to be admitted to trading on the London Stock Exchange with effect from $28$ June 2011. (iii) Estimate of total expenses related to Not Applicable admission to trading: RATINGS Ratings: The Notes have been assigned the following ratings:

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

$3₁$ 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.

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

Fixed Rate Notes only – YIELD	Not Applicable
(iii) Estimated total expenses:	Not Applicable
(ii) Estimated net proceeds:	SEK 543,653,100
(i) Reasons for the offer:	See "Use of Proceeds" wording in Prospectus

• 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
• $7.$ Dual Currency Notes only - PERFORMANCE OF RATE[S] OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT

8. OPERATIONAL INFORMATION

(i)	ISIN Code:	XS0541088695
(ii)	Common Code:	054108869
	(iii) Cusip:	Not Applicable
(iv)	CINS:	Not Applicable
(v)	Swiss Security Number:	Not Applicable
	(vi) Any clearing system(s) other than Euroclear Bank SA/NV, Clearstream	Not Applicable

Banking société anonyme and SIX SIS AG (together with the address of each such clearing system) and the relevant identification number(s):

(vii) Settlement procedures:

Customary settlement and payment procedures apply

(viii) Delivery:

• (ix) Names and addresses of additional Paying Names and addresses of addritional 1 aying
  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:

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

Delivery against payment

Not Applicable

$No$