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Danske Concludes Norwegian Personal Banking Transfer
The lender has been shaking up its business according to its "Forward '28" strategy.
Copenhagen-headquartered Danske Bank has wrapped
up its transfer of personal customers business in Norway to
Nordea.
Danske Bank, which has been overhauling its business lines in
recent years, said on 7 June 2023 that it would be pulling out of
the Norwegian retail market; on 19 July it said that Nordea would
be buying that business.
“Our personal customers have now been transferred to a new bank.
The goal of this transaction has been to ensure that our
customers continue to receive excellent service and access to a
wide range of products,” Erlend Angelfoss, country manager at
Danske Bank Norway, said in a statement.
Danske said the move is part of its Forward '28 strategy, aimed
at continuing to develop the bank's operations, processes, and
customer experiences.
“This decision allows us to shift our focus to enhancing our
services for business, corporate, and institutional customers. We
have a strong foundation in these areas and are excited to
further strengthen and grow our capabilities to become the
leading bank for these sectors in Norway,” Angelfoss said.
The lender said it is retaining a commercial bank presence
in Norway, focusing on corporate and large customer segments as
well as institutional clients.
Results and changes
Danske Bank has reported pre-tax profit for the three months to
end-September of DKK625 million ($88.34 million), rising from
DKK532 million a year earlier.
The lender has been pushing on after a scandal over inadequate
anti-money laundering controls in the Baltic. In September
this year, the bank agreed to pay €6.33 million ($7 million) to
settle with French authorities over AML lapses at its former
branch in Estonia.
In February 2019, Danske said it was closing its Estonia
business. The dirty money saga led to the resignation in
September 2018 of Thomas Borgen, its chief executive at the
time. In 2022, Danske agreed to pay $2 billion in a
settlement with US and Danish authorities over the issues at the
Estonia branch, admitting to anti-money-laundering-related
violations. France, however, didn’t participate in that
settlement (source: Wall Street Journal, 18 September.)
