Färs & Frosta Sparbank reorganized as a banking corporation

12/29/1999 9:58 AM EST

In December 1998, the Boards of Färs &Frosta Sparbank and Swedbank
(FöreningsSparbanken AB) decided to collaborate to a greater extent.
During 1999, Färs & Frosta Sparbank has been reorganized as a foundation,
Sparbanksstiftelsen Färs & Frosta, with the aim of developing and
modernizing the concept of a savings bank, and of opening up greater
opportunities for development in the local area.

In accordance with the agreement, Färs &Frosta Sparbank has reorganized
itself as a banking corporation, named Färs &Frosta Sparbank AB. As
previously agreed, FöreningsSparbanken AB has in December 1999 become a
part-owner of Färs &Frosta Sparbank AB with a 30% stake, by acquiring
shares to the value of just over SEK 250m. The remaining 70% stake is
owned by Sparbanksstiftelsen Färs & Frosta

For further information, please contact:

Annika Wijkström, Vice President, FöreningsSparbanken:
Tel +46-8-585 913 97 or +46-708-78 87 85

Lennart Haglund, Chairman, Färs & Frosta Sparbank AB:
Tel +46-40-24 20 02 or +46-705-57 51 29