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Danske Bank A/S has initiated a share buy-back programme totaling DKK 5 billion, aiming to repurchase up to 45 million shares from February 10, 2025, to January 30, 2026. In week 11, the bank acquired 25,000 shares at an average price of DKK 236.1302, bringing the total to 125,000 shares, representing 0.015% of its share capital.
Larry Conover has been appointed as vice president and special counsel for proxy and corporate actions at Broadridge Financial Solutions, focusing on enhancing customer value and supporting industry initiatives. With over 25 years in financial services, including a role at Fidelity Investments, he will contribute to corporate strategy and product development. Broadridge has also improved its ProxyVote app, facilitating easier participation for retail investors in corporate governance and enabling pass-through voting.
Nordea Bank reported a 3% increase in full-year income for 2024, with a return on equity exceeding 16% for the second consecutive year. Despite challenges like a 5% decline in net interest income and increased loan losses in specific sectors, the bank achieved an 11% growth in assets under management and improved its cost-to-income ratio to 48.9%. The acquisition of Danske Bank’s Norwegian business boosted its market share in Norway, while a proposed dividend increase reflects strong financial performance.
Nordea reported strong financial results for 2024, with a 3% year-on-year income growth and a return on equity of 16.7%. The bank experienced increased lending and deposit activity, alongside improved customer satisfaction, culminating in its recognition as Sweden’s Bank of the Year. Looking ahead, Nordea aims to maintain a return on equity above 15% in 2025, despite ongoing global uncertainties.
Nordic banks are significantly expanding their investment banking teams in anticipation of a surge in mergers and acquisitions expected in 2025. Danske Bank, Nordea, Jyske Bank, Sparebank 1 Markets, and Pareto Securities have all recently hired new dealmakers and corporate finance bankers, with plans for further growth. Arctic Securities aims to expand its team, while Swedbank is also considering new hires.
Danske Bank A/S has been fined 50 million Norwegian kroner ($4.4 million) by the Norwegian Financial Supervisory Authority for manipulating the country's sovereign bond market. The bank acknowledged its improper actions related to a bond issuance in 2023, as it seeks to move past a significant money laundering scandal.
Norway's financial supervision authority has fined Danske Bank 50 million Norwegian crowns ($4.42 million) for market manipulation related to a government bond issuance in February 2023. The agency found that the bank artificially inflated the swap rate, profiting from a high effective yield. Danske Bank acknowledged its shortcomings in handling the bond issue and has since made organizational changes in response to the incident.
The US government is transferring $50 million to Estonia as recognition for its cooperation in the Danske Bank money laundering case, which involved suspicious payments of around €200 billion through the bank's Estonian branch. This funding aims to enhance Estonia's capacity to combat financial crime following Danske's guilty plea to conspiracy to commit bank fraud and a $2 billion fine. Estonia provided crucial evidence during the investigation, contributing to the successful prosecution of the Danish bank.
Klarna, a leading buy-now-pay-later provider, has been fined 500 million Swedish kronor (approximately 40 million Swiss francs) by Sweden's Finansinspektionen for significant deficiencies in anti-money laundering compliance between 2021 and 2022. The company is currently preparing for a U.S. IPO, estimated to value it at up to $20 billion, despite a dramatic drop in valuation from $46 billion in 2021 to $6.7 billion in 2022.
Lebanon's defaulted dollar bonds have nearly doubled in value in under three months, with prices rising from around 6 cents to over 12 cents on the dollar. Soeren Moerch, a portfolio manager at Danske Bank AS, began buying the bonds in September, anticipating that Israel's actions against Hezbollah would diminish the militia's political power in Lebanon. He believes the bonds could potentially double again following the fall of Syrian dictator Bashar Al-Assad.
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