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Danske Bank

Danske Bank
Company nameDanske Bank A/S
Company typePublicly traded Aktieselskab (OMX - CSE1586DANSKE)
IndustryFinancial services
HeadquartersCopenhagen, Denmark
Key peopleEivind Kolding (Chairman), Peter Straarup (CEO)
ProductsBanking, insurance, investment management
RevenueDKK 46.28 billion (2010)
Net incomeDKK 3.661 billion (2010)
Total assetsDKK 3.214 trillion (end 2010)
Total equityDKK 104.74 billion (end 2010)
Employees21,520 (FTE, end 2010)
SubsidiaryFokus, National Irish Bank, Northern Bank, Sampo, Östgöta Enskilda

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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).

Danske Bank has long been one of the largest banks in Denmark, roughly 30 percent market share, but after the acquisition of BG Bank now hold over 51 percent.

Since the mid-1990s it has been expanding its operations outside of the country. In Norway it's known as Fokus Bank and in Sweden under a variety of brand names, including Östgöta Enskilda Bank. The reasons for this expansion are rooted in the increasing deregulation and internationalization of the banking sector.

The Group was created out of several mergers, the first in 1990 with rivals Handelsbanken (not affiliated with present day Handelsbanken) and Provinsbanken. That was followed by the acquisition of Danica in 1995 (renamed Danica Pension) in 1999, and a merger with BG Bank and Realkredit Danmark in 2001. 2005 saw the purchase of Northern Bank in Northern Ireland and National Irish Bank in the Republic of Ireland from the National Australia Bank, the Group's first retail operations outside Scandinavia. In 2006, Danske Bank bought the banking operations of the Finnish financial services group Sampo, which included retail banks in Finland, Latvia, Lithuania and Estonia, along with a corporate entity in Russia. The Group also maintains corporate service branches in Hamburg, Poland and London, and an outpost serving high net worth clients in Luxembourg.

Danske runs all of its operations on a single IT platform, a competitive advantage since customers can quickly transfer money between a number of countries with minimal fees.

Danske Bank was number 236 on the Fortune Global 500 list for 2009, up from 238 in 2008.

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