BankNordik P/F - Company Announcement

BankNordik streamlines the organizational structure

The Group has finalized the integration of the acquired activities from
Amagerbanken and adjusts the management structure and reduces the number of
staff in support functions. 

Today, BankNordik adjusts the organizational structure in order to streamline
the management structure and reduce the number of staff in support functions.
This happens as a natural consequence of the Group's continuous efforts to
operate efficiently to improve profitability and to be competitive. 

Last summer's acquisition of the healthy parts of Amagerbanken implied that a
lot of resources has been spent on integrating branches, employees, products
and the supporting IT systems in the ensuing period. Now that the integration
has been finalized, the Group adjusts the organizational structure to align it
with the normal activity level. In connection with the organizational
restructuring the number of full time employees has been reduced by 14. 

Adding these layoffs to the reduction in the number of employees in the course
of this year, the number of full time employees now stands at 560 in the Group
compared with 583 at the half year and 612 FTE at the beginning of the year. 

Reducing the number of employees by 23 FTE since the half year implies an
estimated cost reduction of DKK 15 million annually. Restructuring costs amount
to DKK 9 million to be booked in the Q4 accounts. 

The Bank maintains the full-year guidance as reported in the half year interim
report. Accordingly, BankNordik expects profit before sector costs, value
adjustments and tax of DKK 80-140m. 


         For further information:
         Janus Petersen, CEO, phone (+298) 330 340
         Árni Ellefsen, CFO, phone (+298) 330 348
         Investor Relations: ir@banknordik.fo