Process of involuntary liquidation of HQ Bank initiated

Process of involuntary liquidation of HQ Bank initiated

As a consequence of the decision by the Swedish Financial Supervisory
Authority (Finansinspektionen) to revoke all HQ Bank's licences, the
board of HQ Bank has during the weekend actively sought a private
solution with a party holding an existing banking licence that would
allow the operations to continue to be conducted.

An almost completely agreed solution with such a party has proven
impossible to implement. This solution would have required
Finansinspektionen to review its decision regarding the revocation of
licences for HQ Bank as a consequence of the intended change of
ownership.

HQ Bank's board has approved the liquidator proposed by
Finansinspektionen, lawyer Björn Riese, and will provide him with its
support during this work.

The board wishes to express its deep gratitude to all those employees
who have worked hard for HQ Bank.

On behalf of the board of HQ Bank

For additional information, please contact:
Mikael Nachemson/Stefan Dahlbo