January has passed, half of February is over and only about 18 months to go to do this all over again.
Swedbank is working actively to manage the bank’s capital structure and as a part of this process has applied for, and been granted, approval by the Swedish Financial Supervisory Authority (‘SFSA’) to buy back issued, subordinated Tier 2 debt securities amounting to SEK 10bn. SFSA’s approval is valid until 15 April 2011.
On January 14th SEK 45 million was distributed to 79 non-profit organizations at the annual event, Hjärtedagen (The Heart Day), an initiative within the frame of Swedbank's engagement in society. The money comes from Swedbank's customers who save in charity funds.
Youth unemployment has become a growing problem in Sweden. Current numbers point out that 22 percent of the people in the ages 15 to 24 are listed as job seeking. Those who fail to get that first job might face long-term alienation and social stigmatization.
Within the business area Large Corporates & Institutions Swedbank is currently developing an integrated Investment Banking and Corporate Banking organisation with the ambition of becoming a top 3 player towards preferred clients. In connection with this Peter Wessel has been appointed Global Head of Equities Sales and Tomas Eriksson has been appointed Head of Swedbank First LLC, the banks broker/dealer operation in New York.
Plenty of economic policy challenges still remain
Economic Research Department
Six out of ten in Sweden believe that companies that take a social responsibility will become more profitable than companies that do not. As consumers, Swedes also have a relatively high awareness of environmental, climate and social issues. At the same time there are very few who consider these issues when purchasing equities and mutual funds.
Swedbank’s managment has decided to relocate all the bank’s operations at Swedbank’s head quarters, presently located in Gallerian in Stockholm city, to new premises in Sundbyberg, just outside of Stockholm city. The relocation will take place at year-end 2013-2014, but the planning process to establish the office building and the premises starts immediately.
Sweden’s best work places
Swedbank's New Brand Concept
- Operating profit amounted to SEK 3 179 m (3 631) - Net interest income decreased by SEK 339m to SEK 4 069m - Covered bonds amounting to SEK 234bn have been issued during the year