Nordea sells Additional Properties in Denmark

STOCKHOLM, SWEDEN


STOCKHOLM, Sweden, May 12, 2003 (PRIMEZONE) -- Nordea (Other OTC:NRDAF) (Other OTC:NRDEF) has as a next step in the ongoing process of reducing its real estate exposure sold most of its remaining properties in Denmark to a consortium consisting of PensionDanmark, Laegernes Pensionskasse and Nordea Pension.

The consortium acquires a portfolio of properties mainly consisting of Nordea Bank Danmark's owner occupied properties.

The disposal is part of the Nordea Group's continuous efforts to increase the focus on core business and to improve the capital efficiency.

The price for the portfolio acquired by the consortium is EUR 233m.

Further it is expected that Nordea Pension buys properties of a total value of EUR 40m.

The transactions are executed on market terms and the price is based on independent valuations.

The ongoing process of reducing Nordea's real estate assets is only expected to have a marginal overall impact on the Nordea Group's result.

In the process of reducing the real estates assets Nordea is advised by Catella Corporate Finance, Citigroup and Nordea Securities.


For further information:
Jakob Grinbaum, Executive Vice President, Head of Group Treasury
+46 8 614 7891 

Allan Polack, Head of Nordea Life & Pensions
+45 22 15 39 60

Erik Evren, Chief Communication Officer, 
+46 8 614 8611

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. The Nordea 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 million e-customers. The Nordea share is listed in Stockholm, Helsinki and Copenhagen.

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