STOCKHOLM, Sweden, Nov. 18, 2002 (PRIMEZONE) -- Nordea (Other OTC:NRDAF) (Stockholm:NDA) is today staging a Capital Markets Day in London for investors to present the Group's strategies and priorities. The members of Group Executive Management will, within their respective area of responsibility, go through strategic directions, priorities and initiatives related to the increased focus, speed and performance throughout the Nordea Group.
Group CEO Lars G. Nordstrom will, in his presentation among other issues, give an outline of Nordea's financial targets which have been reviewed. Based on this review the following revised financial targets have been decided:
Target
Return on equity (ROE) excluding greater than 15% -- by the latest
goodwill from 2004
Costs Same cost level through 2003 and
2004 as in 2002
Cost/income ratio 55% (assuming present business
mix) -- from the beginning of
2005
All other financial targets remain unchanged.
"Improving our cost efficiency is our top priority. We will maintain sharp attention on revenues, effective use of capital and managing credit risks in our very strong determination to increase focus, speed and performance in everything we do," said Group CEO Lars G Nordstrom.
For further information:
Sigurd Carlsen, Head of Investor Relations +46 8 614 7852 or +46 702049878 Erik Evren, Head of Group Media Relations +46 8 614 8611 or +46 709465389
Lars G. Nordstrom has an open-ended mandate as Group CEO of Nordea.
When appointing Lars G. Nordstrom Group CEO, Nordea's Board of Directors did not set a time limit for his mandate as Group CEO. Lars G. Nordstrom has also declared that he will continue in his role as Group CEO for as long as the Board of Directors wants him to. Consequently, he does not intend to exercise his contractual right to retire next year.
"Lars G. Nordstrom has performed well during his first months as Group CEO. He has been very positively received both internally and externally. His banking experience is highly recognised and valuable for Nordea and he will continue as Nordea CEO without any fixed time limit," said Hans Dalborg, Chairman of the Board of Directors.
For further information:
Hans Dalborg, Chairman of the Board of Directors +46 8 614 7801 Erik Evren, Head of Group Media Relations +46 8 614 86 11 or +46 709465389
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