Nordea Investment Management Strengthens Focus and Enhances Cost Efficiency

55 Employees Expected to Leave the Organisation

STOCKHOLM, SWEDEN


STOCKHOLM, Sweden, Dec. 12, 2002 (PRIMEZONE) -- Nordea (Other OTC:NRDAF) (Stockholm:NDA):

As a result of the continued unfavourable business environment, Nordea Investment Management has decided to strengthen focus and enhance cost efficiency.

The present client organisations in the Nordic region, in Europe and in North America will be integrated into one global sales organisation. Outside the Nordic region, Nordea Investment Management will strengthen its focus on sales of products, which are internationally recognised.

Furthermore, the two present equity organisations will be fully integrated into one. This will allow better use of resources across products.

The service and product offerings to existing clients will not be affected by the changes. Management of local equity products will continue in all Nordic locations.

The number of staff is expected to be reduced by 55, equivalent to 15 per cent of the present staff in Nordea Investment Management. The affected staff will leave the organisation in the first half of 2003.

Asset management remains a strategic focus area within the Nordea Group. The future growth in the long-term savings area is expected to be significant and Nordea is well positioned to benefit from these savings flows.

"Our overall strategy is unchanged. These initiatives will increase efficiency and focus on our core competencies. Thus, we ensure a platform for future profitable growth within asset management," said Christian Clausen, Head of Asset Management & Life.

Nordea Investment Management is a business unit of Asset Management & Life and offers investment management services through offices in the four Nordic countries as well as in Frankfurt and in New York.

For further information:


Christian Clausen, Head of Asset Management & Life
+45 33 33 15 00

Erik Evren, Head of Group Media Relations
+46 8 614 8611

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