The decision reflects our efforts to simplify Danske Bank and our strategy of only being present in geographical markets which are essential for our coverage model or otherwise strategically important for Nordic clients or Nordic home markets.
Germany is a key export market for Nordic businesses and customers currently served out of Hamburg are core clients. However, as banking becomes more digital, and the vast majority of Danske Bank’s services offered out of the Hamburg branch (e.g. liquidity management, credits and Trade Finance) can instead be run in our Nordic setup, our branch presence in Germany is no longer vital. Instead, Hamburg branch customers will be welcomed to Danske Bank’s Nordic platform.
Paul Gregory, Global Head of Corporate and Institutional Banking, says:
“Recent years - because of digitisation - have seen a massive shift in the way, businesses interact and how we, as a banking partner, support our customers. By migrating our German business into our Nordic platform, we will bring customers who today use our Hamburg branch closer to our Nordic core whilst simplifying the bank.”
He adds that focus is now on ensuring as smooth a transfer as possible for the affected c. 800 customers, who will be welcomed into Danske Bank’s Nordic setup.
Other existing banking branches beyond the Nordics have different characteristics and are hence not affected by the decision to close down in Germany.
A note for customers
If you are a customer and are affected by the upcoming change, please note that you do not need to do anything now. We will continue to serve you as usual and will not take any steps until we have agreed with you how to proceed.
In case you have immediate questions, please reach out to your advisor.