Spar Nord Bank

In 2001, the Bank's strategic focus was targeted at private customers and businesses in the local area. In addition, the Bank decided to expand outside North Jutland in order to reduce dependency on asingle geographic region. These strategic adaptations were designed to increase profitability by focusing on the Bank's core competencies and to reduce risks.

Spar Nord Bank intends to create a decentralized bank which:

• is the strong local alternative
• excels at creating individual financial solutions for private customers and businesses in the local area
• has close personal relations and a high rate of professional competence
• is active in the local community
• has competitive prices and whose employees show a business-generating attitude
• has products and services from partners that complement the Bank's products.

The goal is for the bank chain to be guided by forces "from outside and within", i.e. what customers require from the earnings units dictates the Bank's business approach. Customer and market concepts are offered from headquarters, which is also responsible for credit monitoring the loan portfolio.

Spar Nord Bank's vision of being the most attractive bank chain in Denmark signals its aim of becoming nationwide within a number of years. Spar Nord Bank expects to set up one or two new local banks a year. In addition to the local banks in Copenhagen and Arhus, the first local bank outside North Jutland opened for business at the end of 2002 in Herning, and a further five have since opened in Jutland and in Funen.

Spar Nord Bank is a full-service bank divided into four earnings units: Spar Nord's local banks, Corporate Banking, Trading, Financial Markets & the International Division, Finans Nord and the administrative unit, Corporate Coordination & Support, and four staff functions.

Its mission was: "To be a door to prosperity"