On  Friday,  September 10, 2004, Investment management company "NORD/LB

Fondi"   was  registered  in  the  Register  of  Enterprises.  The  new

investment  management  company  is  planned  as  joint  venture of AAS

"Seesam Life Latvia" and AS "NORD/LB Latvija".



"Bank NORD/LB Latvija is a modern and rapidly growing bank which wishes

to  offer  the  clients  the  possibility  to  receive all the services

necessary  in  one  financial  institution.  Due  to  the reason in the

beginning  of  January  2004  the  first  daughter  company of "NORD/LB

Latvija"  was  founded-  SIA  "NORD/LB  Līzings",  and  now  Investment

Management  Company  "NORD/LB  Fondi"  is  established  as  well.  Bank

"NORD/LB  Latvija"  and  life insurance company "Seesam Life Latvia" is

sure  that  the  cooperation of the bank and the insurance company will

ensure   successful  performance  of  the  new  company  in  investment

management  market,  contributing  to  significant  competition for the

existing   enterprises   of  investment  management,"  Andris  Ozoliņš,

president of "NORD/LB Latvija", explains.



"The  long-term  cooperation  agreement signed by "NORD/LB Latvija" and

"Seesam  Life  Latvia" offers the clients of the bank and the insurance

company  the  possibility  to  receive  more services," Chairman of the

Board  of "Seesam Life Latvia" and representative of "Suomi Mutual Life

Assurance Company" Jukka Peltola emphasizes.



Bank  "NORD/LB  Latvija"  and  Life  Insurance Company AAS "Seesam Life

Latvia"  are  sure on the possibility to widen the market of investment

management  and  considers that the cooperation of a bank and insurance

company is the most effective in creating beneficial positions for both

enterprises  and,  what  is  the  main,  all  the clients of Investment

management company "NORD/LB Fondi".



"Investment Management Company "NORD/LB Fondi" has planned to elaborate

and  offer full spectrum of investment management services - management

of assets of state funded pension scheme, of different investment funds

as well as the management of individual investment portfolios.



Investment  Management  Company  "NORD/LB  Fondi" plans to register two

pension plans (funds) for the management of state funded pension scheme

assets with different levels of investment risk," tells Uldis Bušs, the

Head  of  Treasury  Department  of  "NORD/LB Latvija" and member of the

Board of "NORD/LB Fondi".



It is planned that in the nearest future the newly founded company will

sign  an  agreement  with  State  Social  Insurance  agency, as well as

receive  all  the  licenses  necessary for beginning of operations. The

investment management company will start working actively as of January

1, 2005.



"The  joint  project  of a bank and insurance company, when two foreign

shareholders-  the  largest  bank  in  Northern  Germany " Norddeutsche

Landesbank Girozentrale " (NORD/LB) and one of the first life insurance

companies  in  Finland  "  Suomi  Mutual  Life  Assurance  Company  " -

enterprises  with  long-lasting  experience  and  excellent reputation-

agree  on cooperation in order to compete in new and growing market, is

taking place for the first time in the history of Latvia," says Michael

Kiesewetter, the member of the Management Board of NORD/LB Latvija.



"Insurance   companies  occupy  an  important  role  in  pension  asset

management.  By combining two segments and creating cooperation between

the  bank and the insurance company, we can achieve even more. The main

shareholder of "Seesam Life Latvia" is one of the oldest life insurance

companies  in  Finland- "Suomi Mutual Life Assurance Company" which has

been  founded in 1890 and deals with investment management technologies

for  114  years,  managing  almost  7  billions  EUR," explains Viktors

Gustsons, general director of "Seesam Life Latvia".



The investment management company is created as Joint Stock Company. In

order  for  the  new  company  to  use  the  experience  of both mother

companies,  the  representatives  from Latvia, Finland and other Baltic

states will implement the duties of Board members of "NORD/LB Fondi".



The  members of the Board will be Uldis Bušs, Tatjana Ratņikova, Sandra

Čeriaukaite, Sami Tuominen, but the members of the Supervisory Board- -

Michael   Kiesewetter,   Viktors   Gustsons,  Kai-Erik  Toikander.  The

Supervisory  Board  elects  basing  on  the Statutes of the company the

chairman of the Board.



"We are sure that our experience and cooperation will ensure successful

and  competitive performance. And the beneficiaries will be our clients

having  the  possibility  to  receive more services," emphasizes Andris

Ozoliņš.



Additional information:

Teika Lapsa

PR manager of NORD/LB Latvija

Phone: 7015395, 9161561

teika.lapsa@nordlb.lv