Swedbank A

Capital/Financing Update • Oct 26, 2011

SWEDBANK AB (publ)

Issue of

EUR 30,000,000 Floating Rate Notes due 26 April 2013

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 prospectus dated 21 July 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, Sweden and www.swedbank.se and copies may be obtained from Swedbank AB (publ), Brunkebergstorg 8, SE-105 34 Stockholm, Sweden.

1.	Issuer:		Swedbank AB (publ)
2.	(i)	Series Number:	169
	(ii)	Tranche Number:	$\mathbf{1}$
3.	Specified Currency or Currencies:		Euro ("EUR")
Aggregate Nominal Amount: 4.			EUR 30,000,000
	(i)	Series:	EUR 30,000,000
	(ii)	Tranche:	EUR 30,000,000
5.	Issue Price:		100.00 per cent of the Aggregate Nominal Amount
6.	(i)	Specified Denomination(s):	EUR 100,000
	(ii)	Calculation Amount:	EUR 100,000
7.	(i)	Issue Date:	26 October 2011
	(ii)	Interest Commencement Date:	The Issue Date
8.	Maturity Date:		The Interest Payment Date falling in or nearest to April 2013
9.	Interest Basis:		3 month EURIBOR +0.75 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
	(a)	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:	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 26 January, 26 April, 26 July and 26 October in each year, from and including 26 January 2012, to and including 26 April 2013 (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):	TARGET
	(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 month 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:	EURIBOR01
	ISDA Determination: (vii)		Not Applicable
	(viii)	Margin(s):	$+0.75$ per cent per annum
	(ix)	Minimum Rate of Interest:	Not Applicable
	(x)	Maximum Rate of Interest:	Not Applicable
	(x i )	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)):	EUR 100,000 per Calculation Amount

GENERAL PROVISIONS APPLICABLE TO THE NOTES

1. Form of Notes:

(i)	Form:
-----	-------	--	--	--	--

Temporary Global Note exchangeable for a
Permanent Global Note which is exchangeable for Definitive Bearer Notes only upon an Exchange Event

Bearer Notes:

	(ii)	New Global Note:	Yes
25.	Financial $Centre(s)$ or other special TARGET provisions relating to Payment Days:
26.		Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature):	Not Applicable
27.	Details relating to Partly Paid Notes: amount Not Applicable 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]:
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
	(ii)	Date of Subscription Agreement:	Not Applicable
	(iii)	Stabilising Manager(s) (if any):	Not Applicable
34.	If non-syndicated, name of Dealer:		Citigroup Global Markets Limited
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 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

$\cdot$

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

Signed on behalf of the Issuer: MANDA
Warre fanssen $\begin{picture}(16,15) \put(0,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \$ $Bv$ Duly authorised

PART B - OTHER INFORMATION

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

(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 26 October 2011
(iii)	Estimate of total expenses related to Not Applicable admission to trading:

$2.$ RATINGS

Ratings:

The Notes to be issued have been assigned the following ratings:

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

Each such credit rating agency is established in the European Union and has applied for registration under Regulation (EC) No. 1060/2009, although notification of the corresponding registration decision has not yet been provided by the relevant competent authority.

$\overline{3}$ . 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: See "Use of Proceeds" wording in Prospectus
• $(ii)$ Estimated net proceeds: EUR 30,000,000
• $(iii)$ Estimated total expenses: Not Applicable
• 1. Fixed Rate Notes only - YIELD Not Applicable
• 1. Index-Linked or other variable-linked Notes only - PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE AND OTHER INFORMATION CONCERNING THE UNDERLYING

$7.$ Dual Currency Notes only - PERFORMANCE OF RATE[S] OF EXCHANGE Not Applicable

OPERATIONAL INFORMATION 8.

(i)	ISIN Code:	XS0697712114
(ii)	Common Code:	069771211
(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 Ltd (together with the address of each such clearing system) and the relevant identification number(s):	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:	Yes 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 recognized as eligible collateral for Eurosystem

$\mathbf{s}$ e. 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.