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Danish Bank shares rise after management reshuffling

Monday, 16 September 2013
The sacking of Eivind Kolding, Danish Bank’s chief executive and the replacement by Thomas F. Borgen seems to have put the bank on clean air on the racecourse.

The bank’s shares fell immediately by a few percentage points on the news but it has since grown and traded by 11.30 Danish time at Dkr118.40 DKK.

Eivind Kolding took up the position as chief executive in February 2012 following a long career at Danish oil and shipping group A.P. Moller-Maersk.

“Thomas F. Borgen is an experienced and customer-oriented banker, who knows how to run a modern bank,” chairman Ole Andersen said.

Danske has not paid a dividend in five years and its return on equity is far lower than that of its Nordic peers. Danske Bank’s profitability in the second quarter of the year was 6.2 percent, compared with Nordea’s 11.5 percent, writes Rueters.

“A surprising change of CEO would normally be considered negative, but their reason is that they have been through a transition phase,” said Alm Brand analyst Jesper Christensen.
By Scancomark.com Team

From around the internet

Tie up your cash for five years, get just 0.2pc more – The Telegraph

Monday, 16 September 2013
Long-term fixed-rate bonds used to be one way to get a better rate on your savings. Now there is very little point in tying your money up.

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