After  three  years of successful work the President of NORD/LB Latvija

Juergen  Machalett  has accepted the offer of the mother company of the

bank,  financial  group  Norddeutsche  Landesbank  (NORD/LB), to become

Executive Vice President in NORD/LB Group.



 Juergen  Machalett will leave Latvia in the end of December this year,

taking  the  new  responsibilities  from  January 1st, 2004. In the new

position  J.Machalett  will  be responsible for work with all corporate

clients  in  Northern  Germany,  in  the  same  time being in charge of

Braunschweigischen Landessparkasse . He will be responsible for further

internationalizing  of  corporate finance of NORD/LB, especially in the

network of banks of NORD/LB around the Baltic Sea.



 Sven Herlyn, member of Supervisory Board of NORD/LB Latvija, coming to

Latvia  for  the special event, said: "This is very important promotion

in  the  professional  life of Juergen Machalett, and it means that the

work  and  results achieved by NORD/LB Latvia are highly evaluated. The

financial  results of NORD/LB Latvija are convincing and grow two times

more  rapidly  than  in  the  banking  sector in average. The long-term

activities  of  J.Machalett  in  Germany  and Latvia have completed his

knowledge  and  have given important experience, which allows him to be

well  qualified  for  the high position in the biggest bank of Northern

Germany  NORD/LB.  But  I  want  to  emphasize  that  this  event is an

achievement not just for Mr.Machalett and NORD/LB Latvija, but also for

all  NORD/LB  Group  members. It is also a proof that it is possible to

make  achievements in Latvia receiving high evaluation in Europe, which

is especially important for Latvia after joining the EU".



 Juergen Machalett was born in 1958 in Frankfurt/Main. After graduation

from high school his professional activities for the next 20 years were

related  to  various,  later  also  management functions in private and

corporate  business  area  of  Berliner  Bank in Germany and in London.

Starting from April, 2001 Mr. Machalett as the Chairman of the Board of

Directors  became responsible for NORD/LB Latvija. Under his management

the  bank was restructured into a credit institution that complies with

modern  standards  and in the meantime has achieved strong positions on

Latvian   banking   market.   Juergen   Machalett  is  contributing  to

strengthening  the relationships between Latvia and Germany, being also

the President of German-Latvian Enterprise Association.



 Juergen  Machalett will continue fulfilling the duties of President of

NORD/LB  Latvija  till  the  end  of  the  year,  his successor will be

announced till middle of October.