OREANDA-NEWS. May 12, 2011. Nordea will take the next step towards a value chain based organisation and establish three main business areas to become more flexible and increase the focus on capital and cost efficiency. Torsten Hagen Jorgensen and Peter Nyegaard are appointed to become new members of Group Executive Management as Peter Schutze retires, reported the press-centre of Nordea.

Nordea's new organisation will be implemented by 1 June and builds on the value chain thinking that has been central in the Nordea operating model since 2007. The reorganisation is developed around the three main business areas: Retail Banking, Wholesale Banking and Wealth Management. All parts of the value chains - customer responsibility, support, products, staff and IT development - will be incorporated into these business areas with the clear objective to improve efficiency, increase ROE and deepen the customer relationships.

Peter Schutze has decided to use this opportunity - after 40 years in the bank and in the year he is turning 63 - to retire from Nordea and pass on the torch to the next generation. He has been part of Group Executive Management since 2002 and Head of Nordic Banking since 2004. He has played a key role for Nordea as Country Senior Executive in Denmark, both within the bank, towards customers and as a representative for Nordea in society.

- Peter has been instrumental in the formation and development of Nordea to the leading Nordic bank. His ambition and experience have been key in unifying our banking operations across the four Nordic countries, says CEO Christian Clausen.

The detailed planning of the new organisation will take place during May and be announced in the beginning of June 2011.