Press releases

The transaction was approved by the Luxembourg financial regulator Commission de Surveillance du Secteur Financier (CSSF) on Thursday 23 October 2008. Clients have now been informed of this development and the process of moving assets into Nordea’s custody is well underway. This means that account holders can once again access their securities, which had effectively been frozen since Glitnir Bank Luxembourg S.A. went into administration on 8 October 2008. Cash balances are, for the moment, not part of this transaction.

“At Nordea we have a strong funding position, and are viewed by the market as one of the most solid banks in Europe right now,” explains Jhon Mortensen, Managing Director of Nordea Bank S.A. in Luxembourg. “We are pleased the Luxembourg regulators concur and have given the go-ahead for this agreement. Certainly the clients involved are relieved that this unfortunate situation has been resolved.”

“At Glitnir our primary focus has always been the customer. This situation is no different. Nordea has been reporting strong financial results in these extreme circumstances and we feel our clients will be well served by the move” says Ari Danielsson, Managing Director of Glitnir Bank Luxembourg S.A.

About Nordea Bank S.A. (Luxembourg)

Nordea Bank S.A. was established in Luxembourg in 1976 and is the leading Nordic pan-European banking entity in Luxembourg and Switzerland. It has 322 employees and serves a wide spectrum of international clients. Nordea Bank S.A. is a wholly owned subsidiary of the Nordea group, the largest financial institution in the Nordic and Baltic Sea regions. Its Capital Markets and Savings division, with the Luxembourg-based operation as a substantial contributor, has created a strong pan-European market position within the investment funds and private wealth management market with in total EUR 139bn assets under management (as at 30/9/08).