Lars G Nordström to step down as Group CEO in April 2007. Christian Clausen appointed successor

Christian Clausen is 51 years old and is currently Head of Asset Management & Life and since 2001 member of Group Executive Management in Nordea. His current position includes the responsibility for Nordea's Private Banking activities and the Savings and Wealth Management area. He holds a Master of Science in Economics and he joined Privatbanken as Managing Director in Privatbørsen in 1988. From 1990 he has held managing director positions of first Unibørs Securities and later Unibank Markets. In 1998 Christian Clausen became a member of the Executive Board in Unibank.

– Lars G Nordström is one of the most respected and experienced bankers in Northern Europe and he is doing an impressive job as CEO of Nordea. We have seen a successful transformation of Nordea into a focussed and performance-oriented organisation delivering consistent and strong results. With the future organic growth strategy in place the time has now come to present our succession plan. We have had a very thorough selection process also including external search and we are convinced that by appointing Christian Clausen we have found the most qualified and best-suited candidate to succeed Lars, says Hans Dalborg, Chairman of Nordea.

– Having realised most of our targets well ahead of our timetable and with a strong team and the future strategy in place I find it natural to step down next year. I know Christian from more than 6 years of very close cooperation. With his broad experience as well as both personal and professional skills he is an excellent choice, says Lars G Nordström.

– I am looking forward to continuing the execution of our organic growth strategy and together with my colleagues in Group Executive Management pursuing the realisation of our financial goals. For me it will be an exciting and challenging task to take over after Lars and I will do my best to continue on the successful track of profitable growth laid out, says Christian Clausen.

Christian Clausen, who since the formation of Nordea in 2000 has worked a significant part of his time in Stockholm, has chosen together with his family to move to Stockholm during next year.