Nordea Changes the Business Model for its Investment Banking Activities

STOCKHOLM, SWEDEN


STOCKHOLM, Sweden, May 7, 2003 (PRIMEZONE) -- Nordea (Other OTC:NRDAF) (Other OTC:NRDEF) separates Equities and Corporate Finance to underpin research independence and to increase cooperation within Corporate and Institutional Banking to leverage its leading Nordic market position.

"The traditional Nordic model of integrating Equities and Corporate Finance is becoming more and more exposed due to limited IPO activity and its cost structure," said Frans Lindelow, CEO of Nordea Securities. "Furthermore, with investors increasingly looking for independent advice, our clients' demands are best served by separating Equities and Corporate Finance."

Equities operations will become a unit within Markets while Corporate Finance will become an independent unit within the Corporate Banking Division. The reorganisation of Equities operations will enhance the development of value-added services based on equity-, debt- and FX- related products.

Including Corporate Finance in the Corporate Banking Division will ensure leverage from Nordea's leading Nordic market position and facilitate the provision of corporate finance advisory services to the Group's extensive corporate and institutional client base.

The new set-up will also enable further streamlining and sharing of fixed costs. It is estimated that the reorganisation will result in total redundancies of approximately 75 employees within Nordea Securities, and total yearly cost savings of approximately EUR 12m.

The integration will affect Nordea Securities' operations in all four Nordic countries. The new organisation will gradually take effect after the summer to be fully completed by year-end.

"With the repositioning and the substantial cost reductions initiated over the last eight months, Nordea has established a platform for its investment banking activities that can be profitable even under current depressed market conditions," says Frans Lindelow.

For further information:

Frans Lindelow, CEO of Nordea Securities, +46 8 407 92 01 Erik Evren, Chief Communication Officer, +46 70 946 53 89

Nordea is the leading financial services group in the Nordic and Baltic Sea region and operates through three business areas: Retail Banking, Corporate and Institutional Banking and Asset Management & Life. TheNordea Group has more than 10 million customers and 1,240 bank branches.The Nordea Group is a world leader in Internet banking, with 3.4 millione-customers. The Nordea share is listed in Stockholm, Helsinki and Copenhagen.

www.nordea.com

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