DANSKE.CO - Danske Bank A/S
| Previous close | 97.94 |
| Open | 97.94 |
| Bid | 96.24 x 0 |
| Ask | 96.24 x 0 |
| Day's range | 95.86 - 98.82 |
| 52-week range | 85.90 - 148.70 |
| Volume | 1,730,338 |
| Avg. volume | 2,518,456 |
| Market cap | 82.193B |
| Beta (3Y monthly) | 0.82 |
| PE ratio (TTM) | 6.84 |
| EPS (TTM) | 14.07 |
| Earnings date | 1 Nov 2019 |
| Forward dividend & yield | 8.50 (8.74%) |
| Ex-dividend date | 2019-03-19 |
| 1y target est | 183.95 |
- Reuters
Exclusive: Deutsche Bank took years to flag suspect Danske money flows - source
FRANKFURT/TALLINN (Reuters) - Deutsche Bank did not disclose more than one million suspect money transfers with Danske Bank until February, a person with direct knowledge of the matter said, about five years after a whistleblower flagged suspicious transactions at Danske. Deutsche sent alerts about the suspect money flows involving the Danish bank to Germany's money laundering data authority and state prosecutors, the person said, prompting investigators to seek more information from Deutsche. Prosecutors are now investigating whether staff or management at Deutsche sanctioned the transactions, and whether they subsequently tried to cover them up, the person said, speaking on condition of anonymity.
- Reuters
Danske Bank stops hiring new staff amid higher compliance costs
Danske Bank has started a hiring freeze to cope with rising compliance costs and a tough business environment, the bank said on Thursday. Danske Bank has been rocked by its involvement in a major money laundering scandal. The bank said in February it would spend up to 2 billion Danish crowns (241.05 million pounds) to step up anti-money laundering efforts, such as improving IT systems and hiring compliance staff.
- Reuters - UK Focus
EU to consider new supervisor in fight on money laundering
Banking scandals and growing crypto currency use have prompted European Union finance ministers to consider setting up a bloc-wide supervisor on money laundering at a meeting next week. EU regulators were caught off guard last year by one of the largest money-laundering scandals ever, involving some 200 billion euros ($219 billion) in suspicious payments, between 2007 and 2015, through Danske Bank's tiny Estonian branch. Despite several anti-money laundering overhauls, the bloc remains vulnerable, mostly because rules are applied less strictly in some of the 28 EU states, the European Commission, the bloc's executive arm, said in a report in July.
- Bloomberg
World Economy Sends Up Flares as Manufacturing Slump Hits U.S.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The global economy flashed clearer warning signs on Tuesday as a wave of data showed manufacturing stuck in a slump, exports falling and sentiment sliding.In the U.S., a closely watched factory index unexpectedly dropped to the lowest since 2009 -- driving down stocks as well as yields on Treasuries. Meanwhile the specter of deflation resurfaced as South Korea, a bellwether for international trade, reported a drop in consumer prices and the Reserve Bank of Australia cut its interest rate to a record low.With a trade war between the U.S. and China still raging, industry executives from Germany to Japan and Russia complained of contracting business, and the World Trade Organization cut its forecast for commerce to the lowest in a decade.Although a measure of Chinese manufacturing improved and consumer spending globally has largely held strong, the overall tone sounded of the world economy failing to rebound amid mounting trade tensions and rising Brexit risks.That leaves the U.S. and China and also the U.K. and European Union under pressure to resolve their differences, with central bankers and governments also having to find ways to support demand.“There can be few precedents since the 1930s of global growth prospects being affected so significantly by trade policy disruptions,” Fitch Ratings Ltd. Chief Economist Brian Coulton said.UBS Group AG economists reckon global growth is tracking just 2.3% at the moment, almost a percentage point less than at the start of the third quarter. Those at Danske Bank are warning there is a 30% chance of a global recession in the next two years. A global manufacturing gauge improved slightly in September, but employment fell for a fifth month.While trade tensions are part of the story, there are also industry-specific issues -- autos in Germany, semiconductors in South Korea -- adding to the hurdles.German car-parts giant Continental AG last month laid out a sweeping restructuring plan that could affect as many as 20,000 jobs worldwide. Japan’s Kawasaki Heavy Industries cut its forecasts, citing sales to chipmakers.Central banks around the world are fighting the slowdown with new interest-rate cuts and monetary stimulus. But they are also ramping up calls on governments to jump in with fiscal measures, saying they can’t do all the heavy lifting.In the meantime, global bond investors are betting against a meaningful inflation pickup. Even with sovereign yields below zero, they are still piling into government debt, and so-called deflation trades are on the rise.Read More...Deflation Trades Reveal Investors’ Fading Faith in Central BanksLowe Says Monetary Policy Is Working as RBA Joins Race to BottomU.S. Payrolls Set the Tone for Next Fed Countdown: Economy WeekThe latest purchasing managers indexes may reinforce those views. German manufacturers cut prices in September by the most in more than three years. In Japan, where manufacturing sentiment is declining, factories lowered selling prices for a fourth straight month. British companies warned of “Brexit uncertainty and clients routing supply chains away from the U.K.”Such an environment is worrying for central bankers in a world where inflation is already low and well short of targets. Consumer-price growth in the euro area slipped below 1% in September for the first time since 2016, falling further from the European Central Bank’s goal.Parts of the global economy still show resilience, and services are still growing. U.S.-China trade negotiations remain critical for the outlook, with a Chinese delegation set to visit Washington for talks this month aimed at hammering out a deal.The decline in U.S. manufacturing is an “amber light on the dashboard,” John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, said on Bloomberg Television. “The Fed is very likely to cut again at the end of October as a result of this and so long as the trade-war situation remains as an overhang.”(Updates with markets in second paragraph.)To contact the reporters on this story: Fergal O'Brien in Zurich at fobrien@bloomberg.net;Michelle Jamrisko in Singapore at mjamrisko@bloomberg.netTo contact the editors responsible for this story: Craig Stirling at cstirling1@bloomberg.net, Scott LanmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
Danske Bank closes down its banking activities in Estonia
Danske Bank said its Estonian business had entered into liquidation on Tuesday after the country's financial regulator in February ordered it to close its branch at the center of one of the largest ever money laundering scandals. "Danske Bank has now essentially closed all banking activities in Estonia in accordance with the plan agreed with the Estonian FSA," said Executive Vice President and chairman of the Liquidation Committee, Frederik Bjoern, in a statement. All Danske Bank logos and signs will be removed from the head office building in Tallinn in the coming days, it said.
- Reuters
Estonia's interior minister calls for enquiry into banker's death
Estonia's interior minister on Sunday called for an enquiry into the death of the former head of Danske Bank's Estonian branch, which is at the centre of investigations into the world's largest money laundering scandal. Last week, police in Estonia discovered the body of Aivar Rehe, who ran the Danish bank's Estonian business between 2007 and 2015 and had been among those questioned as a witness in a probe by Estonian prosecutors. Interior minister Mart Helme said he planned to push for a full investigation of Rehe's death after he receives a report on Sept 30 on the police actions earlier this week.
- Bloomberg
ECB’s Lautenschlaeger Resigns From Executive Board in Shock Move
(Bloomberg) -- European Central Bank board member Sabine Lautenschlaeger unexpectedly resigned more than two years before her term ends, a shock move in the wake of unprecedented dissent over President Mario Draghi’s latest stimulus drive.While the ECB gave no reason for her departure, Lautenschlaeger had been one of the strongest opponents of the Governing Council’s decision this month to resume bond purchases along with an interest-rate cut to revive euro-area growth and inflation. She’ll step down from the six-person board on Oct. 31, also Draghi’s last day in office before he’s replaced by Christine Lagarde.She’s the latest German policy maker in the ECB’s two-decade history to quit early, echoing the frustrations of the savings-oriented nation with loose policies. Then-Chief Economist Juergen Stark resigned from the board in December 2011 over his opposition to stimulus measures, and the resignation of Axel Weber the same year from the Governing Council, giving up his post at the head of the Bundesbank, thrust Draghi into the ECB presidency. Until then Weber had been the frontrunner to succeed Jean-Claude Trichet.Joerg Asmussen served only two years on the ECB’s board -- until January 2014 -- before leaving to join the German government. Weber’s predecessor as Bundesbank chief -- Ernst Welteke -- also quit early.Lautenschaleger’s decision to leave comes as the ECB prepares for the arrival of Lagarde, who has signaled that she’ll continue Draghi’s stimulative policies. Another policy maker likely to take that view is Fabio Panetta, a Bank of Italy official who on Wednesday was named as the sole candidate to fill another board post that becomes available on Jan. 1.“Just wow!” said Piet Christiansen, senior economist at Danske Bank in Copenhagen. “Can’t see that this is not connected to the September stimulus package.”Lautenschlaeger said last month that a new round of quantitative easing was unnecessary and should only be used as a last resort. While about a third of the 25 member Governing Council took a similar view, including governors from nations including France, the Netherlands and Austria, the ECB decided on Sept. 12 to launch the program.The 55-year-old has been a board member since January 2014 and during her tenure served a full five-year term as the vice-chair of the Supervisory Board of the Single Supervisory Mechanism. She currently is the only woman in the Governing Council, which consists of the heads of the 19 euro-area central banks and the Executive Board.In its statement, the ECB said Draghi “thanked her for her instrumental role in helping set up and steer Europe-wide banking supervision, a key pillar of banking union, as well as her unwavering commitment to Europe.”\--With assistance from Fergal O'Brien and Craig Stirling.To contact the reporter on this story: Piotr Skolimowski in Frankfurt at pskolimowski@bloomberg.netTo contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Zoe SchneeweissFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
Former Danske Estonia boss found dead amid money laundering inquiry
A former head of Danske Bank's Estonian branch, which is at the centre of inquiries into the world's largest money laundering scandal, was found dead on Wednesday. Police in Estonia discovered the body of Aivar Rehe, who ran the Danish bank's Estonian business between 2007 and 2015 and had been among those questioned as a witness in a probe by Estonian prosecutors, following a search which began on Monday. Danske Bank, Denmark's largest lender, is under investigation in several countries, including the United States, Denmark, Britain and Estonia, over suspicious payments totalling 200 billion euros ($220 billion) which were moved through its tiny Estonian branch during the period Rehe was in charge.
- Reuters
Trust in Danske Bank has collapsed, says its new chief executive
Trust in Danske Bank has collapsed amid its involvement in a damaging money laundering scandal said the bank's Chief Executive Chris Vogelzang on Wednesday, as he vowed to strengthen the bank's defence. "At Danske Bank we talk a lot about rebuilding trust because our trust has collapsed," Vogelzang said at a banking event in Copenhagen organised by business daily Borsen. The high level of trust in Denmark, which enjoys a reputation as being one of the least corrupt nations, meant that there had been fewer incentives to control risks, which led to problems outside the Nordic region, Vogelzang said.
- Bloomberg
Banks Don’t Want Draghi’s Free Money as ECB Loans Fall Flat
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The European Central Bank’s latest offer of free cash to lenders attracted little interest on Thursday, in a sign of just how much liquidity is already sloshing around the financial system.An offer for three-year loans -- at a rate that starts at zero and could fall as low as the deposit rate, currently minus 0.5% -- was taken up by 28 banks for a total of just 3.4 billion euros ($3.8 billion), well below predictions of 20-100 billion euros.The loans are part of a stimulus package by the ECB president to boost economic growth and inflation. But European lenders have little trouble accessing funds following years of loose monetary policy and some are even keen to turn away deposits to avoid charges from the ECB’s negative interest rates, which Draghi pushed even further below zero this month.His package prompted unprecedented opposition inside the ECB, with the euro region’s biggest economies criticizing a plan to resume bond purchases. Negative rates have also been contentious, with top finance executives warning of damage to the financial system in the long run. Banks have said they want to see higher rates to increase the profitability of their lending businesses, but that’s a distant prospect given Europe’s ailing economy.Spain’s Banco Bilbao Vizcaya Argentaria SA didn’t take part in this month’s offering, but is considering doing so in future rounds, according to the company’s press department. Other European banks took a similar stance when contacted by Bloomberg.While Italian banks have been the biggest takers of the ECB funds in previous programs, the country’s largest firms weren’t lured this time around. Intesa Sanpaolo SpA Chairman Gian Maria Gros-Pietro said earlier this month that his firm doesn’t need the money. UniCredit SpA Chief Executive Officer Jean Pierre Mustier has said that the bank’s funding plan doesn’t reflect participation in the ECB’s offering.Banks may have refrained because of changes the ECB made to the terms of the loans last week, according to Piet Christiansen, a senior analyst at Danske Bank, who expects a larger take-up in later operations.Excess FundsThe ECB made the interest on the loans more attractive, but that left banks little time to change their plans. Banks could also be waiting for another key piece of the latest policy move to kick in: the partial exemption from negative rates for banks that hold deposits at the central bank. That starts next month and banks may want to minimize their excess funds in the interim.Thursday’s offering of three-year loans was part of the third series of so-called targeted longer-term refinancing operations, under which the cost of the loans falls if banks lend more to companies and households. In total, seven operations are planned, with the last offer in March 2021. The aim is largely to stimulate investment and spending to battle a slowdown caused by the U.S.-China trade war and the risk that the U.K. is headed for a no-deal Brexit.The ECB’s efforts come amid a wave of fresh monetary support globally. The Federal Reserve on Wednesday cut its key rate for the second time this year, with Chairman Jerome Powell saying weakness in global growth and trade policy have weighed on the economy. The Bank of Japan left policy unchanged on Thursday while saying it’ll undertake a closer review next month.The Swiss National Bank kept its negative rate unchanged but offered lenders more exemptions from the policy. Norway was a standout -- raising rates for the fourth time in a year.(Updates with banks starting in fourth paragraph.)\--With assistance from Sonia Sirletti, Charlie Devereux and John Ainger.To contact the reporters on this story: Piotr Skolimowski in Frankfurt at pskolimowski@bloomberg.net;Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.netTo contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Christian Baumgaertel, Jana RandowFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Globe Newswire
Danske Bank credit-linked structured notes
Company announcement Group Communications Holmens Kanal 2–12 DK-1092 København K Tel. +45 45 14 56 95 13 September 2019 Danske Bank credit-linked structured notesOn 1 April 2015, Danske Bank issued credit-linked notes. The notes are designated ”Danske Bank XO i EUR 15/7-2020” (ISIN DK0030360813).We attach Credit Event Notice in accordance with the Final Terms.We refer to the Final Terms published on the NASDAQ Copenhagen A/S 1 April 2015.Danske Bank A/SContact: Erkki Tapio Rusi, Global Head of Investment Solutions, tel. +358 (0) 10 513 8709Attachments * Company Announcement Top Gun Realisation 61 Limited * Credit Event Notice - DK - Appendix 1 * Credit Event Notice - DK - Appendix 2
- Reuters
Facebook's Libra falls into 'big gap' in EU rules - regulator
Facebook's proposed Libra cryptocurrency falls into a "big gap" in European Union financial regulation at a time when the bloc's ability to tackle money laundering is already stretched, a top EU regulator said on Thursday. Jose Manuel Campa, chair of the European Banking Authority (EBA) said it was necessary to "keep an eye" on cryptoassets like Libra. The watchdog had issued investor warnings before Libra was even mooted that cryptoassets could be channels for money laundering activities, he said.
- Reuters
Facebook's Libra falls into 'big gap' in EU rules: regulator
Facebook's proposed Libra cryptocurrency falls into a "big gap" in European Union financial regulation at a time when the bloc's ability to tackle money laundering is already stretched, a top EU regulator said on Thursday. Jose Manuel Campa, chair of the European Banking Authority (EBA) said it was necessary to "keep an eye" on cryptoassets like Libra. The watchdog had issued investor warnings before Libra was even mooted that cryptoassets could be channels for money laundering activities, he said.
- Reuters
Danske Bank poaches Commerzbank finance chief in post-scandal shake-up
Danske Bank named Stephan Engels from Commerzbank as its finance chief on Thursday, in an ongoing overhaul by the Danish lender's new boss to restore trust after its involvement in a damaging money laundering scandal. Together with shipping firm AP Moller-Maersk and brewer Carlsberg, Danske is part of a powerful axis in Danish business life and has traditionally been led by either Danish or Scandinavian executives. For Commerzbank, the unexpected departure of Engels, its long-time chief financial officer, comes as the German bank is in the middle of a review of its strategy following this year's failed merger talks with Deutsche Bank.
- Reuters
Danske Bank hires finance chief from Commerzbank in shake-up
Danske Bank named Stephan Engels from Commerzbank as its finance chief on Thursday, the latest step by the Danish lender's new boss to restore trust after its involvement in a damaging money laundering scandal. For Commerzbank, the unexpected departure of Engels, its long-time chief financial officer, comes as the German bank is in the middle of a review of its strategy following this year's failed merger talks with Deutsche Bank . Commerzbank, Germany's second-largest bank behind Deutsche, is looking at possible staff cuts and closing some branches, sources have told Reuters.
- Reuters
Danske Bank reported to police for overcharging customers - regulator
Denmark's financial watchdog said on Friday it had reported Danske Bank to the police for overcharging customers, the latest blow to the lender as it tries to restore trust after involvement in a major money laundering scandal. The FSA said in June it was investigating the bank for failing to inform customers that it expected a poor performance from its Flexinvest Fri investment product and for continuing to sell it to new customers after raising fees associated with it in 2017. "This is a very serious breach of the consumer protection rules (which) can also weaken confidence in the financial system," the FSA said in a statement.
- Reuters
Danske Bank reported to police for overcharging customers: regulator
Denmark's financial watchdog said on Friday it had reported Danske Bank to the police for overcharging customers, the latest blow to the lender as it tries to restore trust after involvement in a major money laundering scandal. The FSA said in June it was investigating the bank for failing to inform customers that it expected a poor performance from its Flexinvest Fri investment product and for continuing to sell it to new customers after raising fees associated with it in 2017. "This is a very serious breach of the consumer protection rules (which) can also weaken confidence in the financial system," the FSA said in a statement.
- Reuters
Danish regulator prepares report for police on Danske overcharging
Denmark's financial watchdog has prepared a draft report to send to Danish police over Danske Bank's overcharging of customers, a scandal that led to the dismissal of the bank's former interim chief executive. "It's correct, there is a draft for a police report," spokesman for the Financial Supervisory Authority (FSA), Soren Christensen, told Reuters. According to Danish daily Jyllands-Posten, which first reported the story, the information prepared for the police is still subject to approval by FSA management.
