DNBNOR - DNB NORD: NEW BANK IN OPERATION

As of today, 2 January 2006, the new bank for Northeastern Europe, DnB NORD, is in operation. The bank is a joint venture between DnB NOR and the German bank Norddeutsche Landesbank (NORD/LB). DnB NOR owns 51 percent of the new company. Complete statement on www.newsweb.no As of today, 2 January 2006, the new bank for Northeastern Europe, DnB NORD, is in operation. The bank is a joint venture between DnB NOR and the German bank Norddeutsche Landesbank (NORD/LB). DnB NOR owns 51 percent of the new company. `Backed by the expertise and strength of the two parent banks, DnB NORD can become one of the most attractive providers of financial services to households and businesses throughout the region,` says Svein Aaser, group chief executive in DnB NOR. The cooperation implies that the two banks` activities in Denmark, Finland, Poland, Estonia, Latvia and Lithuania will be gathered under one umbrella and the brand name DnB NORD. The new bank, headquartered in Copenhagen, will offer a broad range of financial products and services. From day one, it has more than 550,000 customers, around 1,500 employees working in 111 branches and total assets of around EUR 2.5 billion. DnB NORD will be the third largest bank in Lithuania and the fifth largest in Latvia. Further expansion `The countries around the Baltic Sea have a total population of 82 million. We see a great potential for growth and development in one of Europe`s most dynamic regions,` says Svein Aaser. Cooperation Sven Herlyn, former executive vice president of NORD/LB and head of its Northeastern Europe division, has been appointed CEO of the new bank. Svein Aaser, group chief executive in DnB NOR, is chairman of DnB NORD`s Board of Directors. Swedish operations As part of the agreement between the two banks, DnB NOR took over NORD/LB`s operations in Sweden last autumn. After the takeover, DnB NOR has around 150 employees in Sweden and engages in corporate and asset management operations.