BankNordik P/F - Fyrirtækjafréttir

BankNordik strengthens its executive management

New efficient organisation to manage BankNordik following its recent expansion,
most lately the acquisition of Amagerbanken 

With the agreement on acquiring half of Føroya Lívstrygging and the pending
acquisition of Amagerbanken, BankNordik is to expand its activities
significantly. On this background the bank now strengthens its executive
management team. 

Going forward, the organization will consist of three business units:

  -- Banking operations in the Faroe Islands and Greenland, headed by John
     Rajani, BankNordik's Deputy CEO
  -- Banking operations in Denmark, headed by Jan Ulsø Madsen, Country Manager
  -- Markets, headed by Henrik Jensen (Denmark) and Johnny i Grótinum (Faroe
     Islands), Chief Investment Officers

Following the acquisition of Føroya Lívstrygging the Bank intends to establish
a fourth business unit: Pension and Life Insurance. 

The business units are supported by three Group-wide units:

  -- Credit, headed by Janus Petersen, BankNordik's Chief Executive Officer
  -- Operations & Support (including HR, marketing, IT and Development),
     headed by Edvard Heen, Chief Operations Officer
  -- Finance & Risk Management, headed by Árni Ellefsen, Chief Financial
     Officer

The Executive Secretariat is headed by Rune Nørregaard, Chief Legal Officer.

Together, the six mentioned senior executives and the Bank's Executive Board
constitute the Group Executive Management Team. The Executive Board still
consists of Janus Petersen (CEO) and John Rajani (Deputy CEO). "BankNordik's activities have expanded considerably in recent years, consistent
with our strategy of controlled and focused growth. We are confident that our
investments will be of great benefit to BankNordik. But we also acknowledge
that our success depends not least of an effective integration of the new
activities,” says Janus Petersen, CEO of BankNordik. 

The Group Executive Management Team includes three new members:

  -- Edvard Heen joins BankNordik from the position as CEO of Tryggingarfelagid
     Føroyar. He is M.Sc. from Copenhagen Business School and prior to the post
     in Tryggingarfelagid Føroyar he had an extensive career as, e.g.,
     consultant at A.T. Kearney, Senior Vice President of the Norwegian clearing
     house BBS and Director of Ementor. Edvard Heen was previously employed by
     BankNordik as head of Retail Banking, a.o.
  -- Árni Ellefsen joins BankNordik from the position as director of the Faroese
     IT company NEMA. He is M.Sc. from Copenhagen Business School and chartered
     accountant. Previously Árni Ellefsen worked at KPMG in Copenhagen and was a
     partner at the auditing firm Spekt.
  -- Henrik Jensen joins BankNordik from the position as Vice President and Head
     of Amagerbanken's Trading Area. He joined Amagerbanken in 2005, is educated
     in banking and was previously investment manager and advisor at Spar Nord
     Bank and Sydbank.

Earlier this year, Jan Ulsø Madsen joined BankNordik to head the banking
activities in Denmark. Jan Ulsø Madsen is educated in banking and has had an
extensive career with senior management positions in Danske Bank, most recently
as Regional Director for Eastern Jutland, domiciled in the city of Arhus. 

Johnny i Grótinum joined BankNordik in 2005. He is M.Sc. in Economics from
Copenhagen University. He has held various executive positions in the Bank,
including Head of Business Development, Head of IR and Head of the Danish
activities. Previously he was chairman of the Faroese Economic Council. 

Rune Nørregaard joined BankNordik in 2009. He is a lawyer, Master of Laws from
Aarhus University and was previously senior legal advisor at Danske Markets and
lawyer at Bech-Bruun Law Firm, Copenhagen. "We are pleased by having attracted a group of highly competent executives.
They all have solid, broad and relevant experience. We will have a strong Group
Executive Management Team, where each of us has clearly defined
responsibilities. At the same time we obtain the appropriate strength to
maintain the course set - where integration is the key theme in the coming
period - as well as to continue the development of the Bank to the benefit of
customers, shareholders and employees," says Janus Petersen. 

With the agreement in May with Financial Stability on the purchase of the
healthy parts of Amagerbanken, BankNordik obtains 82,000 new individual
customers, 10,000 new commercial clients, deposits of DKK 5.3bn, loans and
guarantees of DKK 4.9bn as well as custody accounts of DKK 10bn. The acquired
operations have a deposit surplus of DKK 1bn, reinforcing the already strong
liquidity. At the same time, the Bank's geographical and industry risk
diversification improved. Besides taking over the assets and liabilities
BankNordik paid goodwill of DKK 235m. 

Through the acquisition in early May of half of the Faroese life insurer Føroya
Lívstrygging the Group expanded its activities in retirement savings and asset
management. The company has 18,000 customers, a market share of 60% and pension
funds of DKK 3bn. BankNordik paid DKK 35m for the 50% stake in Føroya
Lívstrygging. The other half of the company is owned by its policyholders. 



For further information:

Janus Petersen, CEO, phone +298 330 340



BankNordik was founded more than 100 years ago on the Faroe Islands. The
BankNordik Group operates banking activities in Greenland, Denmark and on the
Faroe Islands as well as insurance activities in Iceland and on the Faroe
Islands. After the acquisition of Føroya Lívstrygging and Amagerbanken the Bank
will have assets of DKK 20bn and 630 employees. BankNordik is subject to the
Danish Financial Supervisory Authority and participates in the Danish Deposit
Guarantee Scheme. The Bank is listed on NASDAQ OMX Copenhagen.