STOCKHOLM, Sweden, Nov. 13, 2003 (PRIMEZONE) -- In a press release today, Den norske Bank (DnB) announced that Anders Kvist is leaving his position at the company. In addition to the information provided by DnB, Skandia Insurance Company Ltd wants to provide the following, complementary information:
Extensive work has been carried out for quite some time within the Skandia group on examining routines, practices, agreements and business events during the term of previous managements. In connection with this work, an agreement reached between Skandia's former executive vice president, Ulf Spang, and Anders Kvist, former head of Skandia Asset Management, has been brought to the attention of Skandia and DnB. Under the agreement, Anders Kvist was entitled to bonus compensation from Skandia for 2002 and 2003, plus the right to re-employment by Skandia.
This agreement was made without Skandia's knowledge and in violation of the rules in effect at Skandia. Such an agreement is therefore not binding for Skandia and, moreover, its implication is unsuitable. It will therefore not be honoured. If it turns out that Skandia suffers financial loss as a result of the agreement, Skandia may demand compensation for such loss.
Skandia has also been assured that the changes and staff reinforcements that are now being made in the management of DnB Asset Management vouch for competence and continuity in DnB Asset Management's operations.
For further information, please contact:
Gunilla Svensson, Press Manager, tel. +46-8-788 25 00, +46-8-070-575 75 78
Odd Eiken, Executive Vice President, Communications & Strategy, tel. +46-8-788 25 00
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http://www.waymaker.net/bitonline/2003/11/13/20031113BIT01060/wkr0002.pdf