Nordea chosen as custodian bank of Latvian state pension fund

Nordea chosen as custodian bank of Latvian state pension fund In tough competition Nordea was selected custodian bank for Latvia's pillar 2 state-funded pension system. A custody agreement was signed on 27 July 2001 with the State Treasury. "It is a great honour for Nordea in Latvia to be chosen as custodian bank for the country's reformed pension system," says Thomas Neckmar, Nordea EVP and head of Regional Bank Baltic Countries and Poland. "It shows Nordea's capacity for providing a full range of high-quality innovative banking services on local home markets be it in the Nordic countries or throughout the Baltic countries and Poland". Nordea was selected custodian for its ability to provide lucrative service terms, 15 M EUR minimum equity, for being licensed by market supervisory authorities to carry out transactions with publicly traded securities and for its capability to exercise prudent supervision and control of all activities performed by the fund manager. Latvia has substantially reformed its pension system recently. Changes in legislation provide for a pillar 2 state funded pension scheme, with contributions accumulated and invested in order to provide future benefits. The total assets of the pillar 2 are expected to reach 25 - 30 M EUR by the end of 2002. For further information: Kristians Pudans, Head of Marketing and Public Relations, Nordea Latvia, +371 7 096 244, +371 9 137 311. Thomas Neckmar, Nordea Executive Vice President and Head of Regional Bank Baltic Countries and Poland, +46 8 614 7930, +46 708 673412. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/08/08/20010808BIT00180/bit0002.doc http://www.waymaker.net/bitonline/2001/08/08/20010808BIT00180/bit0002.pdf