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Danske Bank

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Danske Bank A/S
Company typePublicly traded Aktieselskab (Nasdaq Copenhagen: DANSKE)
ISINDK0010274414 Edit this on Wikidata
IndustryFinancial services
Founded1871
HeadquartersCopenhagen, Denmark
Key people
Ole Andersen (Chairman), Thomas F. Borgen (CEO)
ProductsBanking, insurance, investment management
RevenueDKK 43.866 billion (2014)[1]
DKK 3.846 billion (2014)[1]
Total assetsDKK 3453.0 billion (end 2014)[1]
Total equityDKK 147.4 billion (end 2014)[1]
Number of employees
18,478 (FTE, end 2014)[1]
Websitewww.danskebank.com

Danske Bank is a Danish bank. The name literally means "Danish Bank". It was founded 5 October 1871 as Den Danske Landmandsbank, Hypothek- og Vexelbank i Kjøbenhavn (The Danish Farmers' Bank, Mortgage and Exchange Bank of Copenhagen). Headquartered in Copenhagen, it is the largest bank in Denmark and a major retail bank in the northern European region with over 5 million retail customers.[2] Danske Bank was number 454 on the Fortune Global 500 list for 2011.[3]

Operations

Danske Bank's headquarters in Kongens Nytorv in Copenhagen.

The Danske Bank group operates a number of local banks around the Nordic Region as well as across Ireland.[4]

Baltics

The Danske Bank branches in Baltic states (Estonia, Latvia and Lithuania) began operating in 2008 after Finnish Sampo Bank was acquired by Danske Bank Group in 2007 for €4.05 billion.

Lithuania's Danske Bank headquarters in Vilnius in Lithuania

Finland

Danske Bank, formerly Sampo Bank, is Danske Bank's Finnish operations. Sampo Bank was acquired by the Danske Bank Group in 2007. Sampo Bank traces its origins back to 1887, Originally the Finnish state-owned Post and Savings Bank, which accepted deposits from the public at its post offices. In 1999, the state-owned bank was merged with Sampo PLC's insurance business to form the Sampo Group. The banking unit was later acquired by Danske Bank in 2007, while the Sampo Group retained the insurance business.[5]

A Sampo bank in Tapiola in Finland

Ireland

Northern Ireland

Main article: Danske Bank (Northern Ireland)

Danske Bank's Northern Irish subsidiary was originally founded as the Northern Banking Partnership in Belfast in 1809. It became Northern Bank in 1970, after merging with the Belfast Banking Company. Northern Bank was one of the Big Four banks in Ireland.[6] Danske Bank (Mark Robinson) bought the bank from National Australia Bank in December 2004, and Northern Bank continued to operate under its own name until it took on the name of its parent company as its trading name in November 2012.[7] The bank is considered one of the leading retail banks in Northern Ireland with 82 branches and four finance centres.[8] Danske Bank is one of the four commercial banks in Northern Ireland which are permitted to issue their own banknotes.[9]

Republic of Ireland

Danske Bank's Irish subsidiary was formerly known as the National Irish Bank, and was originally the Republic of Ireland branch network of Northern Bank, one of the oldest banks in Ireland (dating back to 1824). National Irish Bank was created as a separate entity in 1986, at first under the name Northern Bank (Ireland) Limited, when its then owners, UK-based Midland Bank, separated Northern Bank's operations in the Republic of Ireland from its Northern Ireland business.

In 1987, both banks were acquired by National Australia Bank (along with Midland Bank's Scottish subsidiary, Clydesdale Bank). In 1988 the Republic of Ireland operation was renamed National Irish Bank Limited whilst Northern Bank Limited remained the name of the Northern Ireland operation. Nonetheless, a single management team continued to run both banks, which shared many services and back office functions. During this era, the logo of the National Irish Bank was that of the National Australia Bank (at the time), except that the red star had been recoloured green, and "Irish Bank" was added alongside the word "National". The original Northern Bank (Ireland) logo had been the Midland Bank griffin.

On 10 May 2012, Danske Bank announced that Northern Bank and National Irish Bank would be merged on 1 June 2012, under the Northern Bank management team and the Danske Bank name, effectively reversing the separation between the two. The rebrand was completed on 18 November 2012.[10] At the time the bank closed its 27 branches to focus on corporate and private clients.

On 31 October 2013 Danske Bank announced it would be withdrawing all personal banking services in the Irish Republic on a phased basis in the first half of 2014.[11]

India

Danske Bank has set up its own captive technology centre in India called Danske IT and Support Services India Pvt Ltd.[12]

References

  1. ^ a b c d e "Annual Results 2014" (PDF). Danske Bank. Retrieved 28 February 2014.
  2. ^ "Facts and figures". Danske Bank. Retrieved 29 November 2013.
  3. ^ "Fortune Global 500 (Denmark)". Fortune. 2011. Retrieved 7 June 2012.
  4. ^ Danske Bank presentation of Sampo acquisition
  5. ^ http://www.sampobanka.lv/en/about/sampo/history/
  6. ^ "Banks in United Kingdom (UK or Britain)". ecbs.org. Retrieved 28 April 2013.
  7. ^ "Hello Danske as a new era begins for Northern Bank" (Press release). Belfast: Danske Bank. 19 November 2012. Retrieved 29 November 2013.
  8. ^ "Patronage – Danske Bank". Northern Ireland Chamber of Commerce. Retrieved 28 April 2013.
  9. ^ http://www.acbi.org.uk/faq.php
  10. ^ "Switch from National Irish Bank to Danske is completed". The Irish Times. 19 November 2012. Retrieved 28 April 2013. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  11. ^ Danske Bank Ireland to cut 150 jobs, RTÉ, 31 October 2013
  12. ^ http://www.danskeit.co.in/en-in/Pages/default.aspx
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