Programmers Who Became Millionaires

The banking sector in Denmark has been documented as being multifaceted and large, owing to the fact that the ratio of consolidated banking assets to GDP, the sector is thrice bigger than the national economy.

Domestic banks account for 87.52 of the industry’s total assets while foreign banks are left with 12.48 %. The three largest banks control more than 50% of the total banking assets and the remaining percentage is left for 67 banks, 27 of which are foreign.

All banks are regulated by the central bank of Denmark, which is mandated with the responsibility of stabilizing the financial system and ensure that payments systems used are secure and safe.

1. Danske Bank

With assets totaling to $558 billion and deposits worth $137 billion, Danske bank is so far the largest bank in Denmark. The bank has stamped its authority in 16 countries serving over 2.8 million customers through 234 branches. The bank operates through the following lines, Banking DK, Banking Nordic, Corporates and Institutions, Wealth management, Northern Ireland and Non-core unit.

2. Nykredit

In terms of assets, this is the second-largest bank in Denmark and has been recognized as the largest lender in the market with a market share of over 32% and a leading mortgage lender with a market share of 41%. To be able to serve its clientele well and maintain its position, it operates through the following subsidiaries; Nykredit Realkredit, Totalkredit, Nykredit Ban, Nykredit Maegler and Nykredit Ejendomme. As at the end of 2019, the group’s profit before tax was recorded at $1.4 billion with the assets totaling to $232 billion and mortgage loans at fair value were $196 billion. It was founded in 1985 with headquarters in Copenhagen Denmark.

3. Jyske Bank

This completes the list of the best three banks and it has been documented to be having assets totaling to $94 billion, mortgage loans of $50 billion as at the end of 2019. With 3, 820 employees, the bank provides products and services through 99 branches in Denmark some branches in Hamburg as well as subsidiaries in Gibraltar. The bank was established in 1967 with headquarters in Silkeborg, and its members include Jyske Bank ltd, Private Banking Hamburg and Private Banking Copenhagen.

4. Nordea

With more than 1.7 million household customers and a further 65,000 corporate and institutional customers, Nordea is the fourth largest bank in Denmark. It specializes in mortgage lending and reports indicate that at the end of 2018, the mortgage loan portfolio amounted to DKK 387 billion.

5. DLR Kredit

This is a mortgage credit institution focusing on mortgage lending services with a bias on agricultural and urban trade properties. Owned by 58 Danish local and regional financial institutions, the bank has no branches however its mortgage products are distributed through the networks of owner banks. Founded in 1960, the bank has 186 employees and is headquartered in Copenhagen with total assets valued at $29 billion and total income from the bank was $213 million in 2019.