Nordea changes the business model for its investment banking activities

Nordea 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," says 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. 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.
                                    
www.nordea.com