Tom Grøndahl to wind down

Tom Grøndahl, deputy CEO and CFO, has decided to wind down after ten years as
CFO and a total of twenty years in the DnB NOR Group. Grøndahl will work on
various projects for the group chief executive and continue to hold board
positions up until he reaches 60, his contractual retirement age, in June 2009. 
 
Group chief executive Rune Bjerke says he is grateful that Tom Grøndahl
remained in his position after the change of CEO a year ago and thus ensured
continuity in the group management team. 
 
"Based on his long-term experience and extensive competence, Tom has been of
invaluable support to me during my first year as group chief executive. He has
made a tremendous effort for the Group over many years. After such long and
faithful service, I have to respect his wish to wind down. I am pleased that he
will continue to benefit the Group with his skills for some time," says group
chief executive Rune Bjerke. 
 
Tom Grøndahl can look back on 33 years in the financial services industry, the
past twenty years in DnB NOR and its predecessors Bergen Bank and DnB. 
 
"My life situation has changed, not allowing room for the workload and the
extensive travelling required in the position as deputy CEO and CFO," explains
Tom Grøndahl.