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Danske Bank A/S sells its international private banking activities in Luxembourg

Danske Bank A/S has entered into an agreement with Union Bancaire Privée, UBP SA (UBP) on the sale of the business activities of Danske Bank International S.A. (DBI) in Luxembourg.

The decision reflects our efforts to simplify Danske Bank and supports our strategy of focusing on our presence in geographical markets, which are essential for servicing our customers or which are otherwise strategically important for Nordic customers or Nordic home markets. We will now concentrate our private banking activities in the Nordics.

"As a bank we want to focus our efforts around our core markets in the Nordics and this decision is a part of that strategy. It is, however, not a decision we take lightly as we have a strong relationship with and feel a big responsibility for our customers and employees in Luxembourg. With UBP, we are confident that we have found the right partner for our customers, a partner who will continue to meet the customers individual needs with the highest possible quality, and at the same time be a good employer for our skilled and dedicated employees. We will continue to focus on further developing the best private banking solutions for our customers residing in the Nordic countries," says Glenn Söderholm, Head of Personal & Business Customers.

DBI has about 70 employees and serves around 1,000 personal customers, primarily customers living outside the Nordic countries.

The sale is expected to result in a one-off gain for Danske Bank of approximately DKK 250 million. This does not result in any revision of our current outlook for the full year. The sale is conditional on approval by the relevant authorities. Final approval is expected in the second half of 2021.

UBP is one of Switzerland’s leading private banks, and is among the best-capitalised, with a Tier 1 ratio of 27.7%. The family owned bank is specialised in the field of wealth management for both private and institutional clients. It is based in Geneva and employs 1,812 people in more than twenty locations worldwide; it held some CHF 147.4 billion in assets under management (numbers as at 31 December 2020). UBP signed the United Nations Principles for Responsible Investment (UNPRI) in 2012.