Skandia forms Nordic region's leading private bank

Skandia forms Nordic region's leading private bank Skandia is now taking a further step in the battle for private banking customers in the Nordic market. SkandiaBanken is forming a private bank for customers in need of qualified, personal financial services and who want access to more than their own bank's offering of financial services. SkandiaBanken is the only private bank in the Nordic region that fully allows its customers to choose from among competing products. The goal is that SkandiaBanken will have two million Nordic customers within five years' time. The private bank will be formed through the integration of Skandia Asset Management, Skandia Marketing and SkandiaBanken. From the onset, the new private bank will have a million customers and 700 advisors at some 80 locations throughout the Nordic countries. In the new, private bank, customers will be able to choose from a broad range of Skandia's as well as other companies' financial services. SkandiaBanken's customers will thereby gain access to a selection of the market's foremost funds and insurance products - globally and in the Nordic countries - as well as home financing and other savings products. "This is a natural step for Skandia," comments Lars-Eric Petersson, President and CEO of Skandia. "We have built up unique experience and a depth of knowledge in the global savings market over a long period of time. We are now mustering our strengths by integrating our businesses to form the premier private bank in the Nordic region. The new private bank will meet the customers' expectations for qualified financial advisory services and an open menu of the market's best savings products." Peter Carrick, currently CEO of Lernia, has been named President of SkandiaBanken. Prior to this, he worked for Sparbanken Sweden, where he held numerous leading positions over a long period of time. Carrick comments: "The Nordic banking market is currently in a phase of strong consolidation, and there is a need for greater competition. We are now launching an integrated, distinct offering that will simplify things for individuals, and this is a development that is in the best interest of the customers." SkandiaBanken has been named "Bank of the Year" for the last three years by the Swedish personal investment magazine Privata Affärer. The jury's citation for 2000 was: "SkandiaBanken is better than the other banks in every sub-category. Its Internet service is simpler to use and easier to understand, its interest rates are better, its fees are lower, and its offering of services is immense...". In addition, this year SkandiaBanken has been named as the best online bank in Sweden by the magazine Internet World, and as the best online bank in Norway by Den Norske Dataforening. "We are doing what no one else has previously done in the Nordic region," comments Peter Carrick. "We are creating a private bank that is steered by the customers' preferences. We will be offering a holistic view of our customers' finances and savings. We are developing our advisory services and building further upon our focus on diversity and freedom of choice." To editorial staff: Skandia invites you to a press conference to be held at 12.30 p.m. on Tuesday, 29 May 2001, at Skandia, Sveavägen 44, Stockholm. Sandwiches will be served. For further information, please contact: Birgitta Hammarström, Press Manager, Skandia, tel. +46-(0)8-788 27 55, or +46-(0)70-378 27 55 Harry Vos, Head of Investor Relations, Skandia, tel. +46-(0)8-788 36 43 Skandia's new private bank is being formed through the integration of the following business units: · Skandia Marketing: Offers savings and insurance products in the Nordic market. · Skandia Asset Management: Discretionary asset management for institutional clients and individuals, and fund management for individuals. Skandia Asset Management manages global investments with a combined value of SEK 360 billion. · SkandiaBanken: Offers savings products produced by Skandia and others via an Internet-based marketplace. SkandiaBanken has a half- million customers. Attachment: Picture of Peter Carrick, new President of SkandiaBanken. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/29/20010529BIT00100/bit0001.doc http://www.bit.se/bitonline/2001/05/29/20010529BIT00100/bit0001.pdf http://www.bit.se/bitonline/2001/05/29/20010529BIT00100/bit0002.jpg Picture of Peter Carrick