|Publicly traded Aktieselskab (OMX: DANSKE)|
|Ole Andersen (Chairman), Thomas F. Borgen (CEO)|
|Products||Banking, insurance, investment management|
|Revenue||DKK 43.866 billion (2014)|
|Profit||DKK 3.846 billion (2014)|
|Total assets||DKK 3453.0 billion (end 2014)|
|Total equity||DKK 147.4 billion (end 2014)|
Number of employees
|18,478 (FTE, end 2014)|
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. Danske Bank was number 454 on the Fortune Global 500 list for 2011.
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.
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. Danske Bank 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. The bank is considered one of the leading retail banks in Northern Ireland with 82 branches and four finance centres. Danske Bank is one of the four commercial banks in Northern Ireland which are permitted to issue their own banknotes.
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. 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.
Danske Bank to set up own captive technology centre in India Denmark's largest lender works now with ITC Infotech Bibhu Ranjan Mishra | Bengaluru November 27, 2014 Last Updated at 00:40 IST Tiny URL Add to My Page
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After leveraging offshore technical talents in India through its technology partner, ITC Infotech, Danske Bank, Denmark’s largest lender, has now decided to start its own captive technology centre in the country.
To be known as Danske IT, the captive technology centre would employ around 1,000 people to begin with when it starts the operation in the second half of the next year, multiple sources privy to this development said.
The new strategy to establish its direct presence for technology back office operations in India is said to be in line with the strategy that Jim Ditmore, the new chief operating officer (COO) and group head for IT and services has laid out for the bank, the sources added. Ditmore who joined Danske Bank in March this year was previously with Barclays where he was the chief information officer (CIO) for retail and commercial banking operations.
To start with Danske has hired Pankaj Gupta, the Global IT Head of Retail Banking and Wealth Management at HSBC, to head its technology operations in India, with effect from December 1, 2014. To a detailed questionnaires sent by Business Standard, Danske confirmed the development. “We have recently launched a new IT strategy where one of the important initiatives is to improve collaboration by building global teams across sites. A fundamental lever for that is increased control and flexibility in the Indian operations”, Jens Klæbel, senior vice president from Danske Bank, said.
Danske’s outsourcing engagement with ITC Infotech dates back to 2006 when the latter set up a dedicated development centre in India to manage the bank’s entire IT operations. Even though initially it was planned to be set up in build-operate-transfer (BOT) model, Danske slowly realised the importance of the centre and continued to operate that with the help of ITC Infotech, a mid-sized IT services company and a wholly owned subsidiary of cigarette to hospitality major ITC Ltd.
Over the year, Danske has grown to be the largest client for ITC Infotech accounting to around 20 per cent of its overall revenues of around $200 million (around Rs 1200 crore) per annum. Besides, team that works for the Danske project is also understood to have grown to around 800 now.
“Over the last eight years, Danske Bank has gained a profound level of experience and insights into running an IT operation in India and has built a strong partnership with ITC Infotech … This now allows for more independent operations by building global teams with own IT professionals, thus expanding Danske IT, Danske Bank’s subsidiary in Bengaluru,” Klæbel added.
Sources also said that Danske has agreed to hire around 300 resources of ITC Infotech who work on its project, for its own captive technology centre and has started doling out offers. However, the joining for these candidates will be effective from August 1, 2015.
ITC Infotech declined to offer any comment to a query on what will be its future relationship with Danske. However, Danske said that ITC Infotech would continue to be its strategic partners.
“ITC Infotech and Danske Bank will remain long term strategic partners, as there is a continued need for IT competencies in the bank,” Klæbel said. “ITC Infotech will continue to provide multiple IT services and solutions to Danske Bank,” he added.
- "Annual Results 2014" (PDF). Danske Bank. Retrieved 28 February 2014.
- "Facts and figures". Danske Bank. Retrieved 29 November 2013.
- "Fortune Global 500 (Denmark)". Fortune. 2011. Retrieved 7 June 2012.
- Danske Bank presentation of Sampo acquisition
- "Banks in United Kingdom (UK or Britain)". ecbs.org. Retrieved 2013-04-28.
- "Hello Danske as a new era begins for Northern Bank" (Press release). Belfast: Danske Bank. 19 November 2012. Retrieved 29 November 2013.
- "Patronage – Danske Bank". Northern Ireland Chamber of Commerce. Retrieved 2013-04-28.
- "Switch from National Irish Bank to Danske is completed". The Irish Times. 19 November 2012. Retrieved 28 April 2013.