Swedbank phase out Firstview

FöreningsSparbanken to phase out Danish Internet effort FöreningsSparbanken (Swedbank) has decided to phase out the operations of its Danish Internet bank, Firstviewbank. The liquidation will take place gradually during the autumn, as Firstviewbank's customers are offered alternative solutions in the Danish market. The liquidation costs of approximately SEK 60 million will be charged against the third quarter. "Firstviewbank was started as a pilot operation in February of this year," says Gert Engman, Executive Vice President and Head of Swedbank's E-business area. "Quickly changing market conditions have made it more difficult than we expected to recruit new customers in the Danish market. The road to profitability would be too long, which we are now seeing the consequences of." FöreningsSparbanken's ownership interest in, and successful cooperation with, the Danish industrial finance company FIH is not affected by the decision. For further information, please contact: Gert Engman, Executive Vice President, CIO and Head of FöreningsSparbanken's E-business area, telephone +46 8 585 920 68, e- mail gert.engman@foreningssparbanken.se. Peter Nordblad, President of Firstviewbank, telephone+45 381 508 16, e- mail peter.nordblad@firstviewbank.com Einar Frydén, Press Officer, E-business area, telephone +46 8 585 902 32, mobil +46 705 11 00 33, e-mail: einar.fryden@foreningssparbanken.se ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/08/29/20010829BIT00130/bit0001.doc http://www.waymaker.net/bitonline/2001/08/29/20010829BIT00130/bit0001.pdf