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Swedbank Comments on the Financial Supervisory Authoritya?s Sanction Regarding Shortcomings in the Depositary Bank Service

^{Published on 2011-01-19 23:40:29 - Market Wire}
 

STOCKHOLM--([ BUSINESS WIRE ])--Regulatory News:

Swedbank (Pink Sheets:SWDBF)(STO:SWEDA)(LSE:SWK) has received the Swedish Financial Supervisory Authoritya™s sanction regarding shortcomings in the depositary bank function. Swedbank shares the Financial Supervisory Authoritya™s view that there have been shortcomings in Swedbanka™s depositary bank function. The shortcomings that were called to attention have been corrected on Swedbanka™s own initiative.

The historical deficiencies, that were called to attention by the Swedish Financial Supervisory Authority, concerned controls, documentation, resources and division of duties for the depositary banking function for fund companies which have their assets held and controlled by the institute.

On account of this the Swedish Financial Supervisory Authority has decided to give Swedbank a remark with a penalty fee of SEK2.5 million.

Already in 2008, Swedbank implemented improvements in the depositary bank function, implying a clearer responsibility for controls made, higher standard of documentation, and strengthened routines for follow-up of controls made on site at fund companies.

In 2009 and 2010, a further restructuring of the depositary bank function was made, to further strengthen the organisation, clarify responsibility, improve system support and routines. A wide range of changes and controls were implemented.

Swedbank is positive to the Swedish Financial Supervisory Authoritya™s efforts to create lucid and uniform rules for financial market players, and shares the Financial Supervisory Authoritya™s view that there were shortcomings in Swedbanka™s depositary bank function, which have since been corrected.

Swedbank promotes a sound and sustainable financial situation for the many people, households and companies. Our vision is to contribute to a development aBeyond Financial Growtha. As a leading bank in the home markets Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has 9.5 million retail customers and about 670,000 corporate customers with more than 350 branches in Sweden and over 200 branches in the Baltic countries. The group is also present in other Nordic countries, the U.S., China, Russia and Ukraine. As of September 30 2010 the group had total assets of SEK 1,846 billion. Read more at [ www.swedbank.com ]

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