Nordea to form a partnership with IBM

Nordea 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", says 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