Danske Concludes Norwegian Personal Banking Transfer

Editorial Staff

21 November 2024

Copenhagen-headquartered 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.)