CASE STUDY

DANSKE BANK

Footnotes

[1] Unless otherwise footnoted, all quotations within the case study come from the Bruun & Hjele Report. See Bruun & Hjele, Report on the Non-Resident Portfolio at Danske Bank’s Estonian branch (2018), https://danskebank.com/-/media/danske-bank-com/file-cloud/2018/9/report-on-the-non-resident-portfolio-at-danske-banks-estonian-branch-.-la=en.pdf [hereinafter Bruun & Hjele Report]

[2] Danske Bank, Corporate Story, at 9 (Feb. 2018), https://danskebank.com/-/media/danske-bank-com/file-cloud/2018/2/corporate-story-2017.pdf.

[3] All totals are converted into USD from Danish Krone as listed in Danske Bank 2017 Annual Report. The exchange rate as of 12/31/2017 was used. See Danske Bank, 2017 Annual Report, at 6 (Feb. 2018), https://danskebank.com/-/media/danske-bank-com/file-cloud/2018/2/annual-report-2017.pdf [hereinafter Annual Report].

[4] GDP total provided by the World Bank, https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=DK

[5] See Exhibit A in the Appendix for a list of significant mergers and acquisitions since 1990.

[6] Annual Report, supra note 3, at 69. On 12/31/2017, 1 USD = 6.1996 DKK.

[7] For more information on Danske Bank’s corporate governance and risk management, see Exhibit B in the Appendix.

[8] Danske Bank, Risk Management 2007, at 11 (Feb. 2008), https://danskebank.com/-/media/danske-bank-com/file-cloud/2008/1/risk-management-2007.pdf.

[9] Danske Bank, Risk Management 2012, at 9 (Feb. 2013), https://danskebank.com/-/media/danske-bank-com/file-cloud/2013/2/risk-management-2012.pdf.

[10] Annual Report, supra note 3, at 8.

[11] Id.

[12] Id. at 11.

[13] Press Release, Danske Bank, Danske Bank Group acquires Sampo Bank, (Nov. 9, 2006), https://danskebank.com/en-uk/press/News/Pages/pr20061109.aspx [hereinafter Press Release].

[14] Bruun & Hjele Report, supra note 1, at 39.

[15] Danske Bank, 2007 Annual Report, at 17 (Feb. 2008), https://danskebank.com/-/media/danske-bank-com/file-cloud/2008/1/annual-report-2007.pdf.

[16] Bruun & Hjele Report, supra note 1, at 39-40.

[17] Sampo Group, Sampo Annual Report 2003, at 14 (Feb. 2004), https://sampo-annualreports.studio.crasman.fi/file/dl/i/GnwXOw/YY5xT5A6lvT-gaGBUeXYFg/Sampo_AnnualReport_2003.pdf.

[18] Sampo Group, Sampo Annual Report 2006, at 10 (Feb. 2007), https://sampo-annualreports.studio.crasman.fi/file/dl/i/lTqAdQ/zhUQKCE24AjWvK6teTHTww/Sampo_AnnualReport_2006.pdf.

[19] Bruun & Hjele Report, supra note 1, at 40.

[20] Sampo Group, Sampo Annual Report 2005 and Sampo Annual Report 2006, at 116 and 135 respectively.

[21] Press Release, supra note 14.

[22] Id.

[23] Danske Bank, Stepping Up Retail Banking Expansion: Acquisition of Sampo Bank, at 6 (Nov. 9, 2006), https://danskebank.com/-/media/danske-bank-com/file-cloud/2006/11/acquisition-of-sampo-bank.pdf.

[24] Id. at 8.

[25] Id. at 10.

[26] Press Release, supra note 14.

[27] Danske Bank, 2007 Annual Report, at 16 (Feb. 2008).

[28] Eesti Pank, Statistical indicators, http://statistika.eestipank.ee/#/en/p/900/r/936/806.

[29] Estonian Financial Intelligence Unit (FIU) is an independent structural unit of the Estonian Police and Border Guard Board. The Financial Intelligence Unit analyses and verifies information about suspicions of money laundering or terrorist financing, takes measures for preservation of property where necessary and immediately forwards materials to the competent authorities upon detection of elements of a criminal offence.

[30] The DFSA did prepare an annex in their 2019 report on the Danish FSA’s supervision of Danske Bank dedicated to AML supervision in the Estonian branch but this annex was not publicly released. See Danish Financial Supervisory Authority, Report on the Danish FSA’s supervision of Danske Bank as regards the Estonia case, (Jan. 28, 2019), https://www.dfsa.dk/~/media/Nyhedscenter/2019/Report_on_the_Danish_FSAs_supervision_of_Danske-Bank_as_regards_the_Estonia_case-pdf.pdf?la=en.

[31] Press Release, Danske Bank, Management changes – New Chief Executive Officer (Sept. 16, 2013), https://danskebank.com/en-uk/press/News/Press-releases-and-company-announcements/Company%20announcement/Group/Pages/ca16092013.aspx.

[32] Danske Bank, 2014 Annual Report, at 88 (Feb. 2015), https://danskebank.com/-/media/danske-bank-com/file-cloud/2015/2/annual-report-2014.pdf.

[33] Danske Bank, Our history, https://danskebank.com/about-us/our-history.

[34] Danske Bank, Corporate Governance Fact Sheet (Apr. 2007), https://www.danskebank.com/SiteCollectionDocuments/CGFactSheetEN.pdf.

[35] Danske Bank, Risk Management 2007, at 9 (Feb. 2008), https://danskebank.com/-/media/danske-bank-com/file-cloud/2008/1/risk-management-2007.pdf.