Nordea to Form a Partnership with IBM


STOCKHOLM, Sweden, May 26, 2003 (PRIMEZONE) -- Nordea (Other OTC:NRDEF) enters into exclusive negotiations with IBM to form a partnership for IT production services and to complete the consolidation process.

Following Nordea's earlier announcements regarding the consolidation of IT production, the Group has entered into exclusive negotiations with IBM to accelerate the transformation process and leverage IBM investments to make Nordea's IT production costs variable. As an essential part of the partnership, Nordea plans to form a single-purpose joint venture with IBM.

"By partnering with IBM we can speed up the consolidation and draw on IBM global experience to act as change agent for transformation processes of this magnitude", said Jarle Haug, Head of Group IT in Nordea. "At the same time we will be able to improve the original business case by sharing the risks, and with IBM being responsible for the transformation investments."

The solution is based on IBM e-business on demand, which will enable Nordea to better monitor and manage IT consumption by aligning IT capacity and business needs in a flexible manner.

The plan is to finalise negotiations and start the partnership during third quarter 2003.

The aim is that the joint venture will utilise competencies from all four Nordic countries in a virtual competence-driven organisation, while the Centralised Computer Centre, housing the common central hardware of the Group, will be placed in Sweden.

For further information:

Jarle Haug, Head of Group IT, Nordea
+ 46 8614 7918 

Leif Lindqvist, General Manager
IBM Global Services, Nordic region, +46 8 793 4570 

Erik Evren, Chief Communication Officer, Nordea
+46 70 946 53 89 

Andris Zvejnieks, IBM Communications Manager, Nordic Region
+46 70 793 5187

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