Nordea and Christiania Bank og Kreditkasse to Start Integration Process Following Approval by Norwegian Authorities.

Business Editors

STOCKHOLM, Sweden--(BUSINESS WIRE)--Dec. 19, 2000

- Nordea controls 98.7 percent of the shares in Christiania Bank og
Kreditkasse ASA (CBK)

- Norwegian Government has granted Nordea a banking concession

- The offer is declared unconditional and will be completed before
year-end

- CBK will be included in the Nordea Group from 1 January 2001

- Management appointments and adjustment of business structure in
order to promote fast and smooth integration and focus on business

The Norwegian Government on 18 December 2000 granted Nordea a Norwegian banking concession.

All other conditions for the offer have been fulfilled or waived, and therefore the offer will be completed and settlement made before the end of the year. Payment date will be 28 December 2000.

A mandatory offer for the remaining shares in CBK will be made in early January 2001, to be open for four weeks. A compulsory acquisition procedure will be initiated during February 2001. The de-listing of CBK shares is expected to take place during the first quarter of 2001 and Nordea will apply for a secondary listing on the Oslo Stock Exchange during the first quarter of 2001.

Nordea and CBK will now continue and complete the integration process. The first management appointments were made in November and are now followed by further appointments in the business areas and Group functions. Appointments will take effect from the 1 January 2001.

"Immediate action when choosing good leaders is of the utmost importance for a successful integration process. We have now appointed managers in the merger between Nordea and CBK to lead important operations in our client-related areas and Group functions. The process will continue," says Hans Dalborg Group CEO of Nordea.

"The adjusted business structure and these new appointments illustrate the importance we place on rapidly obtaining a focused organisation in the combined Group and also to take advantage of the exchange of "best practice" possibilities between Nordea and CBK," says Deputy Group CEO of Nordea, Thorleif Krarup.

Corporate and Institutional Banking

A new division, Shipping, Offshore and Oil Services, is set up and will operate parallel to the existing divisions in the business area. The new division will also have dedicated resources in Singapore, London and New York.

Within the International Division, the branches in London, New York and Singapore will be integrated. The present Cash Management Division becomes a unit of the Corporate Division. A new support function Credit Portfolio Management is established.

Appointments in Markets will soon be announced.

Appointments:

- Carl E. Steen, Head of Shipping, Offshore and Oil Services
- Anne Stark-Johansen, Head of Corporate Shipping Norway
- Ulf Andersson, Head of Shipping Denmark, Finland and Sweden
- Peter D. Knudsen, Head of Project and Structured Finance Shipping
- Tom C. Kuhnle, Head of International Corporate Shipping
- Ulv E. Aasland, Head of Offshore and Oil Services
- Ola Forberg, Head of Corporate Division Norway
- Tore Nag, Deputy General Manager of New York branch and General
Manager as per 1 July 2001
- Ulf Sjogren, Head of External Relations, Global Operations Services
- Sveinung Dyrdal, Head of Custody Services International Credit
Administration
- Jens Chr. Loevic will lead the integration of Trade Finance and
International Guarantees
- Jan Kjaervik, Head of Structured Finance Norway

Investment Banking

In November 2000 Tom Ruud, CEO of CBK, was appointed Executive Vice President of Nordea and member of the Group Executive Management and Group Management and Head of Investment Banking. In the further process the part of Christiania Markets dealing with equities and corporate finance will be integrated with ArosMaizels and the Nordic and functional business structure. The Head of Equities Norway is also responsible for co- ordination in Norway.

Appointments:

- Tom Knoff, Head of Equities Norway
- Einar Kirkeb0, Deputy Head of Corporate Finance Norway
- Lars Tell, Head of Business Support Norway

Asset Management

In the Norwegian market the joint unit concept with Retail Banking in Long Term Savings & Life (LTS&L ) and Nordic Private Banking will be introduced. Two implementation projects will be set up. The Norwegian investment management units will be fully integrated with Investment Management & Institutional Clients.

Appointments:

- Jan Petter Borvik, Head of Long Term Savings & Life, Private Banking
and Mutual Funds - Norway
- Per Bergheim, Head of Sales Support
- Kate A. Hansen, Head of K-Fondene AS

Retail Banking

In November 2000 Baard Syrrist, EVP of CBK, was appointed Executive Vice President of Nordea and member of Group Management and Head of Retail Banking Norway. The four regional banks in Norway will continue to be managed by the present Regional Bank Managers: Alex Madsen, K-Bank Stor Oslo, Sigvart Hovland, K-Bank Ost, Inge St0ve, K-Bank S0r-Vest and Egil Valderhaug, K-Bank Nord.

Appointments:

- Jon Brenden, Head Credit Retail Norway
- Jarle Haug, Business Support-Coordinator, Retail Norway
- Borre Gundersen, Head of Electronic Banking, Norway

Life Insurance and Pensions Announcement will take place soon.

General Insurance

In the beginning of 2001 an executive group will be established to prepare for co-operation between CBK and Vesta within bancassurance.

Finance Area

As announced in November 2000 Group CFO Arne Liljedahl will from 1 January 2001 also be heading the Group Corporate Centre. CBK will join the Finance Area matrix organisation.

Appointment:

Jarmo Laiho, Deputy Group CFO

Group Identity and Communications (GIC)

From 1 January 2001 Torben Laustsen will as previously announced become Head of GIC succeeding LarsThalen who will be senior consultant in the Group.

Appointment:

Kjell Fl0, Head of Group Internal Communications and Country Head Norway.

Group IT

A transformation Management unit in Norway is set up.

Appointments:

- Per E. Berg, Transformation Manager Norway
- Per Stenso, Head of Infrastructure succeeding Jorn Petersen who
until his retirement at the end of June 2001 will be Head of Purchase
and Vendor relations.

Group Treasury

An Internal Bank function will be established in Oslo. Equity investments in the Norwegian market continue within K-Holding which will be a part of Investment and Risk Trading.

Appointments:

- Arve Tegnander, Head Internal Bank, Oslo
- Birger Harneshaug, Head K-Holding

Group Legal

CBK will join the Group Legal matrix organisation.

Appointment:

Ivar Sagbakken, Chief Legal Officer Norway

Investor Relations

Sigurd Carlsen, present CFO of CBK, will succeed Bjorn Westberg as Head of Group Investor Relations from 1 April 2001. Bjorn Westberg will be managing business development projects initially investigating possibilities to set up a Nordic venture capital fund.

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