Financial  results of NORD/LB Latvija in the first quarter - successful

beginning of the year.

The  financial  results of NORD/LB Latvija in the first quarter of 2004

prove  that despite the growing competition in the sector of commercial

banks   of   Latvia,  the  Bank  continues  to  develop  its  positions

successfully.

In  the  first three months of the year the amount of the bank's assets

has  increased  by approximately 13%, the amount of deposits attracted-

by  10%,  but  the  loan portfolio of NORD/LB Latvija in the period has

increased  by  16%.  The net profit of the bank in the first quarter of

2004  has  almost  doubled  in  comparing with the respective period in

2003- this year it is approximately 900 thousand Ls.

Andris  Ozolins,  president  of  NORD/LB Latvija, is delighted with the

results  achieved:  "We  are  pleased that the Bank is able to ensure a

rapid   dynamics   of   the   bank   and  to  raise  servicing  quality

simultaneously.  The daughter company of the bank- NORD/LB Līzings- has

started  to work intensively, we plan to open new branches and to pay a

special  attention  to  the sphere of small and middle enterprises. The

current  results  of NORD/LB Latvija show that the strategy of the bank

is  effective  and  that  the  bank  is  ready  to  continue  its rapid

development."

NORD/LB  Latvija  has  20  branches and 13 sub-branches in Riga and the

biggest  towns of Latvia. It has expected to develop its branch network

in  2004.  In  April  a  new  branch  of  the  bank began to operate in

Purvciems, but in the beginning of May a branch of the bank on Brivibas

gatve will be opened.