Scandinavian financial services provider Nordea has announced that it is to implement a new organizational group structure, which will be established by July 2007.

As a result of the restructuring, more emphasis will be placed upon stronger customer orientation, along with a more simple, transparent and efficient product and service delivery chain. In addition, there will be a clear separation of the responsibilities for customer relations and products.

The stronger customer orientation will be supported by combining the corporate customer units in the bank and establishing one Nordic customer area, to be named Nordic banking. This customer area will be responsible for sales and customer relationship processes covering retail and corporate segments in the Nordic region.

The product and service delivery chain will be streamlined by organizing all products and related processing in two new product areas, banking and capital market products and savings and life products, with a simplified governance structure for the interface between customer and product units. In addition, four product divisions will be formed with these two new product areas.

Furthermore, a new framework for prioritization and management of the group’s strategic initiatives will be established.

The changes are expected to take Nordea to its next level of operational efficiency and support the company’s organic growth strategy.