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Svenska Handelsbanken AB Adopts Revised Accounting Regulations and Announces New Segment Division

Monday, 15 Apr 2013 01:45am EDT 

Svenska Handelsbanken AB announced that as of January 1, 2013, it has adopted the revised accounting regulations for pensions, IAS 19. The new regulations mean that actuarial gains and losses will be reported in other comprehensive income and it will therefore no longer be possible to defer the recognition of gains and losses in what is known as the corridor method. The reported pension costs will increase since the calculated return on the pension assets, according to the new regulations, will be the same as the discount rate on the pension liability and no longer an estimate of expected return. In addition, as of January 1, 2013, the branch office operations on the Bank's six home markets will be separate business segments. The segments comprise: Branch office operations in Sweden, Branch office operations in the United Kingdom, Branch office operations in Denmark, Branch office operations in Finland, Branch office operations in Norway, Branch office operations in the Netherlands, Handelsbanken International and Capital Markets.