SkandiaBanken continues Nordic expansion

SkandiaBanken continues Nordic expansion * SkandiaBanken and Kommunernes Pensionsforsikring today reached an agreement on the acquisition of Din Bank by SkandiaBanken * The acquisition extends SkandiaBanken's presence as a telephone and Internet bank to all of Scandinavia. Comments by Göran Lenkel, President of SkandiaBanken: "Our Nordic expansion continues with the planned acquisition of Din Bank. Low costs enable us to offer our customers very favourable terms. By listening to our customers, we are continuously adapting and improving our offering of products and services. Thus, in perhaps one of the world's most highly competitive online banking markets, we have succeeded in a short time in establishing a successful, Internet-based bank for the private market." Background: SkandiaBanken * Established in October 1994, SkandiaBanken has built up experience in running a successful and profitable private banking business via alternative distribution. * In 1998, 1999 and 2000, SkandiaBanken was named "Bank of the Year" in Sweden by the personal savings magazine Privata Affärer. * SkandiaBanken opened a branch office in Norway in April 2000. By year- end 2000 SkandiaBanken Norge had attracted 65,000 customers and is the leading online bank in Norway, with a market share of approximately 6 per cent. * At 31 December SkandiaBanken had approximately 400,000 customers. * SkandiaBanken's ambition is to reach a customer base of at least 500,000 in 2001. * After only six years in business, SkandiaBanken is Sweden's fifth- largest bank for private banking, with a market share of approximately 6 per cent of online and telebanking customers. Background: Din Bank * Established in 1991 by Kommunernes Pensionsforsikring. * Din Bank is a pure-play Internet and telephone bank with an offering of products and services that is similar to SkandiaBanken's. * Din Bank is the leading, independent Internet- and telephone-based bank in Denmark, with approximately 30,000 customers, deposits of DKK 1.7 billion, lending of DKK 0.6 billion, and shareholders' equity of DKK 171 million as per year-end 2000. * SkandiaBanken will consolidate Din Bank's leading position by proceeding with existing expansion plans. The ambition is to achieve a customer base of 100,000 customers. Acquisition enables continued expansion * In January 2001 SkandiaBanken decided to continue its Nordic expansion by establishing a presence in Denmark. * Kommunernes Pensionsforsikring was contacted with respect to Din Bank and, following discussions, a bid was made. * Kommunernes Pensionsforsikring's board has decided to accept SkandiaBanken's bid. The offer is conditional upon regulatory approval and customary due diligence. * SkandiaBanken and Kommunernes Pensionsforsikring intend to finalize the acquisition in March/April 2001. For further information, please contact: Göran Lenkel, President, SkandiaBanken, tel. +46-8-463 6001, +46-70-563 6001 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/02/26/20010226BIT00650/bit0001.doc http://www.bit.se/bitonline/2001/02/26/20010226BIT00650/bit0001.pdf