Skandinaviska - Joint Acquisition

RNS No 4802w
SKANDINAVISKA ENSKILDA BANKEN
15 July 1999

Stockholm, July 15, 1999

BANKS BUY VPC - STRENGTHENING OF THE NORDIC FINANCIAL MARKET

Today, Norbanken, Skandinaviska Enskilda Banken, Svenska Handelsbanken and
ForeningsSparbanken (Swedbank) signed an agreement with the Swedish State,
Industriforbundet (The Federation of Swedish Industries) and the Stockholm
Chamber of Commerce, to buy 75 per cent of the shares of Vardepapperscentralen
VPC AB (The Swedish Central Securities Depository) for SEK 900 million.  In
connection with the purchase, the banks will co-operate with the OM Group on how
efficiency may be increased as regards the securities market and how the Nordic
securities market can be strengthened.

The four banks submitted a joint bid and together will own 98.6 per cent of the
shares of VPC.  After the purchase, each of the banks will own 24.65 per cent of
the shares.

The banks have also signed a co-operation agreement with OM Gruppen AB (the OM
Group) in order, among other things, to strengthen the Nordic financial region
with regard to international competition.  The agreement also gives OM the right
to a place on the board of VPC as well as an option to buy 11 per cent of the
shares of VPC.

Internationally, VPC is viewed as a leading company in its sector as regards
both operative security and price/cost level.  The main reason for the banks
having purchased VPC is to consolidate its position in the on-going structural
development taking place in Europe, thereby maintaining the liquidity and
efficiency of the Swedish financial market.  The move toward long-term
competitiveness and security will continue through investment in systems and
service.  This will enable VPC to position itself as an attractive partner in
the European integration process.

For the banks, increased Nordic co-operation within the markets and co-operation
in connection with clearing and settlement, is very important with a view to the
growing securities market in the Nordic and Baltic regions.  Such co-operation
strengthens the international competitiveness of the Nordic financial markets.

Earlier the banks owned 23.65 per cent of VPC (Handelsbanken 8.2 per cent, SEB
7.5 per cent, Nordbanken 5.6 per cent and Swedbank 2.35 per cent), the Swedish
State owned 50 per cent, The Federation of Swedish Industries 12.5 per cent and
The Stockholm Chamber of Commerce 12.5 per cent.
The banks will assume ownership as soon as the requisite official approval has
been obtained.

VPC is one of the main players on the Swedish securities market.  Its principal
function is to maintain a register of ownership of companies and organisations
that are linked to VPC.  Furthermore VPC is responsible for the settlement of
trading in related securities, for payment of dividends and interest as well as
the carrying out of issues.

VPC registers securities having a total market value of close to SEK5,000
billion and expedites trades corresponding to a value of between SEK 300 to 400
billion per day.  The organisation is divided up into four business areas:
Issuers, Clearing and Settlement, Investors and Cross-border Network. VPC
operates under the supervision of the Swedish Financial Supervisory Authority
and is authorised to act as a central depository and as a clearing organisation.

VPC enjoys a strong position within its business area and has direct contact
with those who issuing, investing and trading.  Its custody system, comprising
some 3.2 million custody accounts, is an asset which will be developed further. 
VPC has already developed Internet-based services in order to be market leader
within the field of securities handling, for example by means of Internet and
answering services that facilitate efficient handling and distribution of shares
and bonds throughout the primary markets.  The system for automatic transfer of
the trading outcome from SAX2000, the trading system of the Stockholm Stock
exchange, to VPC is another example of a function that improves efficiency.

VPC has a staff of 125.  The staff will be unaffected by the change of
ownership.

For further information, kindly contact:

.  MeritaNordbanken: Karl-Olof Hammarkvist, Executive Vice Presidet:
   Telephone: +46 70 8-62 51 36

.  OM Gruppen: Per E. Larsson, President:
   Telephone: +46 70-552 52 01

.  VPC: Anders Reveman, President
   Telephone: +46 8-402 91 40

.  SEB: Lars Gustafsson, Executive Vice President:
   Telephone: +46 8-639 29 40

.  Svenska Handelsbanken: Lars O Gronstedt, Executive Vice President:
   Telephone: +46 8-701 16 33

.  Swedbank: Lars Eklund, Executive Vice President:
   Telephone: +46 8-585 910 07

END



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