Nordea reorganises

11-04-28 6:47 | Press release

Nordea will take the next step towards a value chain based organisation and establish three main business areas to become more flexible and increase the focus on capital and cost efficiency. Torsten Hagen Jørgensen and Peter Nyegaard are appointed to become new members of Group Executive Management as Peter Schütze retires.

Nordea's new organisation will be implemented by 1 June and builds on the value chain thinking that has been central in the Nordea operating model since 2007. The reorganisation is developed around the three main business areas: Retail Banking, Wholesale Banking and Wealth Management. All parts of the value chains - customer responsibility, support, products, staff and IT development - will be incorporated into these business areas with the clear objective to improve efficiency, increase ROE and deepen the customer relationships.

Peter Schütze has decided to use this opportunity - after 40 years in the bank and in the year he is turning 63 - to retire from Nordea and pass on the torch to the next generation. He has been part of Group Executive Management since 2002 and Head of Nordic Banking since 2004. He has played a key role for Nordea as Country Senior Executive in Denmark, both within the bank, towards customers and as a representative for Nordea in society.

- Peter has been instrumental in the formation and development of Nordea to the leading Nordic bank. His ambition and experience have been key in unifying our banking operations across the four Nordic countries, says CEO Christian Clausen.

The detailed planning of the new organisation will take place during May and be announced in the beginning of June 2011.

Composition of Nordea's Group Executive Management as of 1 June 2011:

CEO:Christian Clausen : President and Chief Executive Officer.
Retail Banking:Michael Rasmussen : Head of Retail Banking and Country Senior Executive of Denmark.
Wholesale Banking:Casper von Koskull : Head of Wholesale Banking
Peter Nyegaard : Chief Operating Officer of Wholesale Banking
Wealth Management:Gunn Wærsted : Head of Wealth Management and Country Senior Executive of Norway.
Group Operations and Other Lines of Business:Torsten Hagen Jørgensen : Head of Group Operations
and Other Lines of Business
Group Corporate Centre:Fredrik Rystedt : Head of Group Corporate Centre, Chief Financial Officer and Country Senior Executive of Sweden.
Group Risk Management:Ari Kaperi : Head of Group Risk Management, Chief Risk Officer
and Country Senior Executive of Finland.

For further information:
Christian Clausen, President and Group CEO, +46 8 614 7804
Fredrik Rystedt, Group CFO, +46 8 614 7812
Rodney Alfvén, Head of Investor Relations, +46 8 614 7880 (or +46 72 235 05 15)
Jan Larsson, Head of Group Identity & Communications, +46 8 614 7916 (or +46 70 593 34 12)