TALLINN, Finland, Sept. 25, 2003 (PRIMEZONE) -- From October 1, Hansabank (Other OTC:HNSBF) will change to country-based management, simplifying the organizational structure.The new business units will be Estonia, Latvia and Lithuania, where Hansabank offers all financial services, and Russia, where it is active in leasing and trade finance. In the new organizational structure, leasing companies that so far were consolidated under Hansa Capital, will be integrated into country-based business units.
Indrek Neivelt, CEO of Hansabank Group: "We are changing the organizational structure to make it simpler and easier to understand, both, for our customers as well as employees. The banks and leasing companies, so far managed separately, will now form a cohesive and strong team, which supports our strategy to offer all financial services from one place."
Although switching to country-based management of business units, the Group also sees synergies in cross-border cooperation. IT and product development are managed centrally on Group-level, as are risk and financial management. Also, exchange of experience and know-how continues in area committees. Ugis Zemturis continues as Head of Group Retail Banking Committee, while the Group Corporate Banking Committee will as of January 1, 2004 be headed by Giedrius Dusevicius, currently the head of Lithuanian Hanza Lizingas.
The Estonian country manager will be Erkki Raasuke, currently managing director of corporate banking. Board member Andres Liinat will continue in his current position as head of retail banking. Latvian business will be headed by Ingrida Bluma, chairperson of the board of Hansabanka. The Lithuanian country manager will be Darius Nedzinskas, who will be chairman of the Board of Hansabankas from 1 November. Russian operations will be coordinated by Indrek Neivelt.
The structural changes also include the sale of the pan-Baltic asset realization company BRC as a non-core business.
Hansabank Group structure as of 1 October 2003: http://www.hansa.ee/en_pdf/HBG011003.pdf
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CONTACT: Hansabank Group
Mart Toevere, Corporate Communications and IR
+37 26 13 1569