London, 30 March 2004 -- In response to Swedbank's announcement that it would re-assess its majority ownership stake in Finance for Danish Industry (FIH Erhvervsbank A/S) rated A1/P-1, Moody's Investors Service said that a change in majority ownership may affect the rating of FIH Erhvervsbank, depending on the new owners' creditworthiness and whether the current prudent risk profile of FIH will remain unchanged. However, Moody's reiterated that the ratings of FIH Erhvervsbank are currently based on the institution's own creditworthiness. 

Swedbank purchased its stake in FIH Erhvervsbank in 1999. FIH has a good franchise for long-term lending to small and medium-sized Danish entities with a market share of approximately 10%, cost-efficient operations, good asset quality and high capitalisation, according to Moody's. 

Finance for Danish Industry (FIH Erhvervsbank A/S), headquartered in Copenhagen, Denmark, had total assets of EUR9billion (DKR 66billion) as at 31 December 2003. 

London

Samuel S. Theodore
Managing Director
Janne Thomsen
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.