Top management appointments at NIB

Senior Vice President Torben Nielsen (Denmark) has been appointed Executive Vice President as of 1 December 2005. Torben Nielsen will continue his responsibilities as Chief Financial Officer (CFO) and Treasurer of the Nordic Investment Bank, overseeing funding, liquidity and portfolio management. Nielsen joined NIB in 1997 as Vice President in the Treasury Department. In 2004, he became CFO and Treasurer and a member of the NIB Management Committee.

Hilde Kjelsberg from Norway has been appointed Senior Vice President and Head of Credit and Appraisal. She will head the Bank’s new Credit and Appraisal Department. Hilde Kjelsberg has a degree from the Norwegian School of Economics and Business Administration. She has extensive working experience in the banking and finance sector, and was with both A/S Eksportfinans and Nordea Bank Norway ASA before joining the SEB group in 1997. Hilde Kjelsberg will serve as a member of the NIB Management Committee.

Gunnar Okk from Estonia has been appointed Senior Vice President and Head of Administration. He will head the new Administration Department, which manages the Bank’s resources and coordinates its business plan. Gunnar Okk earned a degree from Tallinn University of Technology and has a broad background in the Estonian business sector. Until last week, Gunnar Okk was the President and CEO of Eesti Energia AS, Estonian national energy group. Gunnar Okk will be a member of the NIB Management Committee. He is the first person from one of NIB’s new member countries to be appointed to a top management position at NIB.

Kari Kukka (Finland) has been promoted Senior Vice President at NIB. He will continue his work as Head of Funding.

Harro Pitkänen (Finland), now Managing Director of The Nordic Environment Finance Corporation (NEFCO), has been appointed Senior Vice President with a focus on Russia and projects related to the Northern Dimension Environmental Partnership (NDEP).