Acquisition of Interest

ABB Ltd
29 June 2000


ABB Corporate Communications, Zurich        ABB Investor Relations, Zurich
John Fox                                    Manfred Ebling
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ABB ACQUIRES 35% STAKE IN INTERNATIONAL LENDER

ABB's global scope boosts new growth opportunities in open financial markets


Zurich, Switzerland, June 29, 2000 - ABB, the global technology company, said
today it has acquired a 35-percent stake in the Swedish Export Credit
Corporation (SEK), a leading international lender headquartered in Stockholm.
ABB did not disclose the value of the acquisition.

ABB is acquiring its share in SEK from five commercial banks and will own the
company together with the Government of Sweden, which will increase its
ownership share in SEK from 50 percent to 65 percent as a result of the
transaction.

The acquisition creates new opportunities for ABB in structured finance, leasing
and other financial services solutions, as well as for SEK, which can benefit
from ABB's network and participate in syndications with other banks and export
credit institutions.

SEK specializes in long-term export finance and related finance solutions to
sectors such as telecommunications, automotive, transportation, energy, and
process industries like pulp and paper and petrochemicals. SEK employs some 90
people and has total assets of approximately US$ 20 billion, mostly securities
with bank or government guarantees.

ABB President and CEO Goran Lindahl said the acquisition continues ABB's
strategy to expand in financial services. 'We already know SEK as an export
finance supplier, and its stable returns make it an attractive investment for
ABB,' he said. 'We also see a great opportunity for SEK to broaden its scope,
using our global network and experience. By combining our intellectual capital,
we think we can achieve significant growth and value creation.'

SEK has strong credit ratings, AA+/AAA by Standard & Poor's and Aa2/Aa2 by
Moody's, supported by its key role within the Swedish export credit system, its
majority ownership by the Kingdom of Sweden and its low-risk financial
fundamentals. SEK's pre-tax earnings have been stable for several years and
amounted to US$ 94 million (SEK 827 million) in 1999.

ABB's investment supports SEK's ongoing expansion of its product range and
geographic base by providing access to new markets through ABB's existing global
network and long-standing relationship with government institutions and agencies
around the world. The two companies will also be able to share expertise in
capital market activities, structured finance and insurance, and car share
information technology resources in areas like credit risk management and market
analysis.

The ABB Group (www.abb.com) serves customers in power transmission and
distribution; automation; oil, gas, and petrochemicals; building technologies;
and in financial services. With novel IT applications, tailored software
solutions, growing eBusiness and fast-expanding knowledge and service base, ABB
is building links to the new economy. The ABB Group employs about 165,000 people
in more than 100 countries.