Danske Bank
Danske Bank’s resilience in a tough year plus its successful completion of a big merger ahead of schedule are the reasons behind the judges choosing it as the winner for Denmark.
Despite the difficult conditions of 2002, the bank’s net profit declined only slightly. Its ROE and cost-to-income ratio were a respectable 14% and 57.2%, respectively.
But the bank’s greatest achievement last year was its successful merger with Real Danmark one year ahead of schedule. The merger was a vast undertaking, involving the largest IT conversion in Danish history as well as the shedding of 2700 jobs.
The bank’s IT infrastructure has, as a result, become one of the most advanced of all Scandinavian banks, giving it a major competitive advantage.
Jeppe Christiansen, a member of the bank’s executive board, said: “Danske Bank has consistently followed a strategy over many years that leaves it as the highest rated bank in the Nordic region, and with a broad client base in Scandinavia and outside the UK and Ireland in particular. Asset quality remains high, management continuity excellent and performance is improving year on year.”
