Swedbank applies a conservative attitude with respect to tax issues and build relationships with the tax authorities built on transparency and trust.

Our belief is that a fair and transparent tax system and a fair and transparent adherence to such a system constitute vital elements for a good society. This entails rights and obligations for both governments and tax payers.

Each subsidiary shall comply with any applicable local or international tax law and regulation. The Group shall pay the correct amount of tax, in due time and with due consideration.

When seeking a cost efficient organization, also tax costs shall be considered. When doing so we are to align the long-term interests of our stakeholders; society, shareholders, customers and employees. Swedbank shall apply a conservative attitude with respect to tax reducing measures but not refrain from such measures merely because there might be different interpretations of tax or case law.

There is a difference between considering tax costs as part of a business transaction and reducing tax through wholly artificial arrangements. We only engage in the former.