Swedbank A

Capital/Financing Update • Feb 2, 2012

SWEDBANK AB (publ)

Issue of

SEK 750,000,000 Floating Rate Notes due February 2014

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 My 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 prospectuses are available for viewing at Swedbank AB (publ), Regeringsgatan 13, SE-105 34 Stockholm, Sweden and www.swedbank.se and copies may be obtained from Swedbank AB (publ), Regeringsgatan 13, SE-105 34 Stockholm, Sweden.

1.	Issuer:	Swedbank AB (publ)
2.	Series Number: (i)	181
	(ii) Tranche Number:	1
3.	Specified Currency or Currencies:	Svenska Kronor ("SEK")
4.	Aggregate Nominal Amount:	SEK 750,000,000
	(i) Series:	SEK 750,000,000
	(ii) Tranche:	SEK 750,000,000
5.	Issue Price:	99,98 per cent of the Aggregate Nominal Amount
6.	Specified Denomination(s): (i)	SEK 1,000,000
	(ii) Calculation Amount:	SEK 1,000,000
7.	Issue Date: (i)	7 February 2012
	(ii) Interest Commencement Date:	7 February 2012
8.	Maturity Date:	Interest Payment Date falling in or nearest to February 2014

9.		Interest Basis:	3 months STIBOR + 1.00 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 in 7 May, 7 August, 7 November and 7 February each year, from and including the Issue Date, to and including the 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, adjusted
	(iii)	Business Centre(s):	Stockholm
	(iv)	Manner in which the Rate(s) of Interest is/are to be determined:	Screen Rate Determination Not Applicable
	(v)	Party responsible for calculating the Rate(s) of Interest and Interest Amount(s) (if not the Principal Paying Agent):
	$(v_i)$	Screen Rate Determination:	Applicable
		Reference Rate:	3 months STIBOR

		Interest Determination Date(s):	of each Interest Period.	Two (2) Stockholm Business Days prior to the start
		Relevant Screen Page:	Reuters Screen SIDE Page
	(vii)	ISDA Determination:	Not Applicable
	(viii)	Margin(s):	1.00 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:	SEK 1,000,000 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 $5(e)$ :	As per 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

		Event	Definitive Bearer Notes only upon an Exchange
	(ii) New Global Note:	No
25.	Financial Centre(s) other or special provisions relating to Payment Days:	Stockholm
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 Not Applicable 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
	Instalment Date(s): (ii)	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.	If syndicated, names of Managers: (i)	Not Applicable
	Date of Subscription Agreement: (ii)	Not Applicable
	(iii) Stabilising Manager(s) (if any):	Not Applicable
34.	If non-syndicated, name of Dealer:	Swedbank AB (publ)
35.	Whether TEFRA D rules are applicable or TEFRA rules are not applicable:	TEFRAD
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: $By:$ Duly authorised

Verria Krogels

Stefan Abrahamsson

PART B - OTHER INFORMATION

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

$(i)$ Listing: $(ii)$ Admission to trading: Application has been made for the Notes to be admitted to trading on the London Stock Exchange with effect from 7 February 2012.

London

Estimate of total expenses related to Not Applicable $(iii)$ admission to trading:

$2.$ RATINGS

Ratings:

The Notes to be issued are expected to be assigned the following ratings: $S & P: A+$ Moody's: A2 Fitch: A

Each such credit rating agency is established in the European Union and is registered under Regulation (EC) No. 1060/2009.

INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE $3₁$ 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

(i)	Reasons for the offer:	See "Use of Proceeds" wording in Prospectus
-----	------------------------	---------------------------------------------

• $(ii)$ Estimated net proceeds: SEK 749,850,000
• $(iii)$ Estimated total expenses: Not Applicable
• $5₁$ YIELD

Not Applicable

PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE AND OTHER 6. INFORMATION CONCERNING THE UNDERLYING

Not Applicable

$7₁$ PERFORMANCE OF RATES OF EXCHANGE

Not Applicable

OPERATIONAL INFORMATION 8.

(i)	ISIN Code:	XS0742729329
(ii)	Common Code:	074272932
(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 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 medium term note 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 No would allow Eurosystem eligibility:
	ADDITIONAL INFORMATION
	Not Applicable

$9.$