Swedbank A

Capital/Financing Update • Feb 3, 2012

SWEDBANK AB (publ)

Issue of

EUR 20,000,000 Floating Rate Notes due 2017

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 19 May 2011 (the "Prospectus") and the supplementary prospectuses dated 21 July 2011 and 25 October 2011 which together constitute 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 prospectus are available for viewing at Swedbank AB (publ), Brunkebergstorg 8, SE-105 34 Stockholm or on the Issuer's website at www.swedbank.se and copies may be obtained from the specified office of the Principal Paying Agent in London.

1.	Issuer:	Swedbank AB (publ)
2.	Series Number:	181
	Tranche Number:	1
	Specified Currency or Currencies:	Euro ("EUR")
	Aggregate Nominal Amount:
	Series:	EUR 20,000,000
	Tranche:	EUR 20,000,000
Issue Price:		100 per cent of the Aggregate Nominal Amount
3.	Specified Denomination(s):	EUR 100,000
	Calculation Amount:	EUR 100,000
4.	Issue Date:	7 February 2012
	Interest Commencement Date:	7 February 2012
Maturity Date:		7 February 2017
Interest Basis:		3 months EURIBOR $+$ 1.65 per cent. Floating Rate (further particulars specified below)

Redemption/Payment Basis:		Redemption at par
	Change of Interest Basis or Redemption/Payment Basis:	Not Applicable
	Put/Call Options:	Not Applicable
5.	Status of the Notes:		Unsubordinated $-$ Condition 3(a) will apply
	Method of distribution:	Non-syndicated
	PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
	Fixed Rate Note Provisions:	Not Applicable
	Floating Rate Note Provisions:	Applicable
	Specified Period(s)/Specified Interest Payment Dates:		quarterly/7 May, 7 August, 7 November, 7 February in each year up to and including the Maturity Date
	Business Day Convention:		Modified Following Business Day Convention
	Business Centre(s):	TARGET2
	Manner in which the Rate(s) of Interest Screen Rate Determination is/are to be determined:
	Party responsible for calculating the Rate $(s)$ of Interest and Interest Amount(s) (if not the Principal Paying Agent):	Principal Paying Agent
	Screen Rate Determination:	Applicable
	Reference Rate:	3 months EURIBOR
	Interest Determination Date(s):		the second day on which the TARGET2 System is open prior to the start of each Interest Period
	Relevant Screen Page:	Reuters EURIBOR01
	ISDA Determination:	Not Applicable
	Margin(s):	$+1.65$ per cent per annum
	Minimum Rate of Interest:	Not Applicable
	Maximum Rate of Interest:	Not Applicable
	Day Count Fraction:	Actual/360
	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	As set out in the Conditions

Conditions:
Zero Coupon Note Provisions:	Not Applicable
Index-Linked Interest Note/other variable-	Not Applicable
linked interest Note Provisions:
Dual Currency Interest Note Provisions:	Not Applicable
PROVISIONS RELATING TO REDEMPTION
Issuer Call:	Not Applicable
	Not Applicable
Investor Put:	EUR 100,000 per Calculation Amount
Final Redemption Amount:
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 $5(e)$ :	As set out in Condition $5(e)$
GENERAL PROVISIONS APPLICABLE TO THE NOTES
Form of Notes:
Form:	Bearer Notes:
	Global Temporary Note exchangeable for - a Permanent Global Note which is exchangeable for Definitive Bearer Notes only upon an Exchange Event
New Global Note:	Yes
Financial Centre(s) or other special provisions relating to Payment Days:	TARGET2
Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature):	No.
Details relating to Partly Paid Notes: amount of Not Applicable 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]:
Details relating to Instalment Notes:

Instalment Amount(s):			Not Applicable
Instalment Date(s):			Not Applicable
renominalisation Redenomination, and reconventioning provisions:		Not Applicable
Consolidation provisions:			Not Applicable
U.S. Additional Considerations:	Federal	Income	Tax	Not Applicable
Other final terms:				Not Applicable
DISTRIBUTION
If syndicated, names of Managers: 6.				Not Applicable
If non-syndicated, name of Dealer:				UniCredit Bank AG
Whether TEFRA D rules are applicable or TEFRA rules are not applicable:			TEFRA D
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:

$Itaawl$ By:

Duly authorised
Siefan Abrahamsson

- OTHER INFORMATION

$\mathbf{1}$ . LISTING AND ADMISSION TO TRADING

Listing:		London
Admission to trading:		Application has been made for the Notes to be admitted to trading on the EEA Regulated Market of the London Stock Exchange with effect from 7 February 2012.
		The last trading date will be the third business day prior to the Maturity Date.
of total expenses related to Estimate admission to trading:		Not Applicable

RATINGS

Ratings:

The Notes to be issued are expected to be rated A2 by Moody's, A+ by S&P and A by Fitch.

Moody's, S&P and Fitch are established in the European Union and are registered under Regulation (EC) No. 1060/2009.

INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER

Need to include a description of any interest, including conflicting ones, that is material to the issue/offer, detailing the persons involved and the nature of the interest. May be satisfied by the inclusion of the following statement:

"Save for any fees payable to the Dealer, 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

Not Applicable

OPERATIONAL INFORMATION

ISIN Code:	XS0742754277
Common Code:	074275427
Cusip:	Not Applicable
CINS:	Not Applicable
Swiss Security Number:	Not Applicable

Bank SA/NV, Clearstream Banking société anonyme and SIX SIS Ltd (together with the address of each such

Any clearing system(s) other than Euroclear Not Applicable/give name(s) and number(s)

clearing system) and the relevant identification number(s):

Settlement procedures: customary medium term note settlement and payment procedures apply Delivery: Delivery against payment Names and addresses of additional Paying Not Applicable Agent(s) (including, in the case of Swiss Domestic Notes, the Principal Swiss Paying Agent and any other Swiss Paying Agents) (if any): Intended to be held in a manner which would Yes allow Eurosystem eligibility: Note that the designation "yes" simply means that the

Notes are intended upon issue to be deposited with one of the ICSDs as common safekeeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon satisfaction of the Eurosystem eligibility criteria.