1. Danske Bank, 2. Nordea Bank, 3. Nykredit, 4. Jyske Bank, 5. Sydbank, 6. Spar Nord Bank, 7. Arbejdernes Landsbank, 8. Saxo Bank, 9. Ringkjøbing Landbobank. Denmark's banking sector is an important contributor to the country's economy and is known for its stability and efficiency. The country has a strong tradition of banking and is home to several large financial institutions that offer a diverse range of services to individuals, businesses, and institutional clients. In this article, we will take a closer look at the top largest banks in Denmark.
- Danske Bank
- Nordea Bank
- Jyske Bank
- Spar Nord Bank
- Arbejdernes Landsbank
- Saxo Bank
- Ringkjøbing Landbobank
As the largest financial services provider in Denmark and one of the largest financial institutions in the Nordic countries, Danske Bank has a strong presence in Denmark, with more than 200 branches and over 3 million customers, together with branches in Estonia, Latvia, and Lithuania.
Danske Bank was originally founded as Den Danske Landmandsbank (The Danish Farmers’ Bank) in 1871 in Copenhagen, Denmark. The bank underwent several name changes and mergers over the years, eventually becoming Danske Bank in 1990. The bank provides a range of financial services to individuals, businesses, and institutional clients, including retail banking, wealth management, corporate banking, and investment banking. It has a clear ambition to be the leading bank for sustainable finance in Denmark and among the market leaders in other Nordic countries.
In recent years, Danske Bank has undertaken significant efforts to improve its compliance and risk management functions, as well as to restore its reputation with customers, investors, and regulators. In 2022, it was reported to have net interest income increased to DKK 25,188 million, benefiting from changes to base rates but also from income on deposits following repricing and market developments in rates as well as larger volumes. With assets totaling DKK 3,762,999 trillion and profit before tax of DKK 4,174 million, Danske Bank maintains its leading position in Denmark.
Headquarters: Holmens Kanal 2-12, DK-1092, Copenhagen, Denmark
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Nordea Bank is a Nordic financial services group headquartered in Helsinki, Finland. It was founded through the merger of several banks in Denmark, Finland, and Sweden. Nordea is one of the largest banks in the Nordic region and is listed on the stock exchanges in Helsinki, Stockholm, and Copenhagen.
As the largest bank in the Nordics, it has a strong market position within its four business areas: personal banking, business banking, large corporates and institutions, and asset & wealth management. In Denmark, Nordea Bank offers a range of financial products and services to both individuals and businesses. Its services include personal and business banking, mortgages, investments, insurance, and more. The bank also strongly focuses on digital banking, offering a range of digital services and tools to help customers manage their finances online.
Nordea Bank has a strong reputation for financial stability and innovation. The bank has a long history of investing in new technologies and digital solutions to improve the customer experience and streamline its operations. Nordea Bank also places a strong emphasis on sustainability and responsible banking, with a commitment to reducing its environmental impact and promoting social and economic sustainability. In 2022, Nordea Bank Denmark was recognized as the Best Corporate Bank by Prospera. Nowadays, the bank focuses on sustainability as the core of its business.
Headquarters: Grønjordsvej 10, 2300 Copenhagen, Denmark
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Video by Nordea Danmark on Youtube
Nykredit Bank A/S is a Danish financial services company that offers a wide range of banking, insurance, and investment products and services to both individuals and businesses. It is also the largest lender in Denmark, the largest lender to homeowners and one of the largest lenders to small and medium-sized businesses, the agricultural sector and the housing sector. The bank was founded in 1851 and is headquartered in Copenhagen, Denmark. It is active in all of Denmark and supports development and growth in urban and rural districts alike.
In 2022, the banking sector of Nykredit Group delivered a business profit of DKK 6,164 million, net interest income of DKK 7,354 million and net fee income totaled DKK 2,103 million. Meanwhile, assets under management went down by DKK 32.1 billion (compared to the year of 2021) to DKK 406.0 billion. Overall, Nykredit Bank is one of the leading financial services companies in Denmark, with a strong reputation for responsible banking, innovation, and customer service. The bank is committed to continuing to evolve and innovate to meet its customers’ changing needs and remain at the forefront of the financial services industry.
Headquarters: Copenhagen, Denmark
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Jyske Bank was founded in 1967 in the town of Silkeborg, Denmark, by a group of local businessmen who were looking to establish a new bank that would focus on serving the needs of the rural communities in the area. The bank was initially called Silkeborg Bank, but it changed its name to Jyske Bank in 1970 to reflect its broader geographic focus. In the 1990s, Jyske Bank began to expand its operations beyond Denmark, establishing a presence in several other European countries, including Germany, Switzerland, and France.
In its early years, Jyske Bank focused primarily on providing banking services to farmers, agricultural businesses, and other rural enterprises. The bank quickly established a reputation for its personalized service and its deep knowledge of the needs of the agricultural sector. Over time, Jyske Bank expanded its operations to include a wider range of personal and business banking products and services. The bank developed a reputation for innovation, with a focus on technology and customer service.
Jyske Bank’s total tax contribution to society exceeded DKK 2 billion in 2022, which made it the sixth-largest taxpayer in Denmark. In terms of total assets, Jyske is one of the largest bank in Denmark with total assets of DKK 749,997.00 million. The bank has a nationwide network of 98 Danish branches and 3,878 full-time employees.
Headquarters: Silkeborg, Denmark
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Sydbank is a Danish commercial bank that was founded in 1970 through a merger of four regional banks in the southern part of Denmark. The four banks that merged to form Sydbank were Folkebanken for South Jutland and Als, Den Nordslesvigske Folkebank, Sønderjysk Landmandsbank, and Tønder Landmandsbank. Before the merger, the banks had operated independently in their respective regions for many years, providing banking services to individuals and businesses. The merger was intended to create a larger and more robust financial institution that could better serve the needs of customers in the region. With over 50 years of experience in the financial industry, Sydbank has become a significant player in the Danish banking sector.
In addition to providing traditional banking services such as loans, deposits, and payment services, Sydbank also offers investment and wealth management services, insurance, and pension products. The bank serves both private individuals and corporate customers and has a strong focus on sustainability and responsible banking practices. In the years following its founding, Sydbank continued to grow and expand its operations. It acquired several smaller banks and established new branches in various parts of Denmark. In 2022, the bank’s total income before costs and impairment charges for loans and advances represented DKK 5,380 million, with profit before tax of DKK 2,450 million. Today, Sydbank operated 57 branches throughout the country and employed more than 2000 staff in total. In 2022, the bank’s total assets made up to DKK 179.3 million.
Headquarters: Peberlyk 4, 6200 Aabenraa, Denmark
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Spar Nord Bank
Spar Nord Bank is a Danish retail bank that was founded in 1824 in Aalborg, Denmark. Originally known as Aalborg Sparekasse, the bank was one of the first savings banks in Denmark, with a focus on serving the needs of small savers and local communities.
Over the years, Spar Nord Bank expanded its operations and services, growing into a full-service bank that offers a range of financial products and services to individuals, businesses, and public institutions throughout Denmark. Today, the bank has more than 50 branches across the country and employs over 1,200 people. In terms of total assets, it is the seventh-largest in Denmark, as in 2022, it had total assets of DKK 123,936 million (approximately USD 18 million). Across all consumer categories, Spar Nord enjoys a solid reputation and excellent levels of customer satisfaction. In 2022, it hit the highest net profit ever before with a profit after tax was DKK 1,417 million in 2022, against DKK 1,368 million in 2021. Spar Nord was recognized as the bank among the six main banks in Denmark with the happiest business customers for the sixth year running (according to Aalund 2022).
Overall, Spar Nord Bank has a long and rich history in Denmark, with a reputation for customer service, community engagement, and financial stability. The bank is committed to continuing to evolve and innovate to meet the changing needs of its customers and communities.
Headquarters: Skelagervej 15 PO Box 162 Aalborg, Denmark
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Video by SparNordTV on Youtube
Arbejdernes Landsbank is a Danish bank that was founded in 1919. One of the aims was to remove the trade unions’ funds from the privately owned banks and get them into their own hands. The concept of founding a bank has long been discussed by the Social Democrats (and particularly Stauning), trade unions, and cooperative businesses, which prioritize member payouts over the maximum amount of financial gain. These three institutions had gradually acquired quite a lot of money. Thus, the agreement to establish the bank was established. The bank is headquartered in Copenhagen and has 61 branches throughout Denmark.
Today, Arbejdernes Landsbank is a full-service bank offering a wide range of financial products and services to individuals and businesses. The bank’s services include personal and business banking, mortgages, investment advice, insurance, and more. According to the annual report, it had total assets of approximately DKK 107,986.9 million (roughly USD 16 million) and employed 1,100 people. In 2022, the bank earned a profit before tax of DKK 902.7 million against a profit of DKK 1,378.2 million last year. The profit after tax amounts to DKK 789.2 mill against a profit last year of DKK 1,328.9 million.
One of Arbejdernes Landsbank’s core values is its commitment to social responsibility and sustainable development. The bank has a long history of supporting social and environmental sustainability initiatives, and it has been recognized as one of Denmark’s most sustainable companies.
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One of the top retail securities brokers in Europe in terms of product offering is Saxo Bank A/S (Saxo), a licensed banking firm with a growing institutional franchise. The privately held company Saxo Bank is now a leader in online investing. With total assets of about DKK 90.5 million (about USD 14.6 million) at year-end 2022, more than doubled as in 2021, it is ranked as one of the largest banks in Denmark. Being founded in 1992 by Kim Fournais and Lars Seier Christensen, the bank’s original focus was on trading currencies, but it has since expanded to include a wide range of financial products and services, including stocks, bonds, futures, options, and commodities.
In its early years, Saxo Bank operated as a brokerage firm, but in 2001 it obtained a banking license and began offering banking services to its clients. The bank has grown rapidly over the years and now has a presence in more than 30 countries worldwide, with offices in major financial centers such as London, Zurich, and Hong Kong. Relative to Danish and European commercial bank peers, Saxo remains concentrated given its business model, meaning concentration on securities brokerage.
Overall, Saxo Bank has become a major player in the global financial services industry, with a reputation for innovation, technology, and customer service. The bank’s founders and management team remain closely involved in the business, and the bank is committed to maintaining its position as a leading provider of financial products and services.
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Ringkjøbing Landbobank, headquartered in Ringkobing, is one of the top 10 banks in Denmark with total assets of DKK 68,979,581 million (about USD 10,196,548 million) and employs around 630 people. According to its financial report, the net interest income was DKK 1,677 million in 2022, an increase of 25% compared to DKK 1,343 million in 2021.
Ringkjøbing Landbobank is a Danish regional bank founded in 1886 in the town of Ringkøbing in western Jutland, Denmark. In the early years, the bank focused on providing financing to local farmers and small businesses. Over time, it expanded its operations to other parts of Jutland, and eventually throughout Denmark. In 1990, Ringkjøbing Landbobank merged with two other local banks, Fjends Bank and Struer Bank, to form Midtbank. However, the merger was unsuccessful, and the banks split up again in 1993. Ringkjøbing Landbobank resumed operations as an independent bank.
Recently, the bank also achieved some remarkable successes. In May 2022, the worldwide credit rating organization Moody’s Investors Service rated the bank with Long Term Issuer Rating raised from “A1” to “Aa3”. Moreover, the “Securities trading,” “Asset management and custody accounts”, and “Foreign exchange income” categories, in particular, have benefited from the bank’s focus on the private banking sector. With the vision of becoming “A solid bank you can trust”, it focuses on being transparent about its policies, fees, and practices, as well as securing its customers’ personal and financial information.
Headquarters: Torvet 1 Ringkobing, 6950 Denmark
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Video by Ringkjøbing Landbobank on Youtube