BankNordik P/F - Changes board/management/auditors

BankNordik taking next step in strategic changeover

New supervisory regulations will require the bank to reduce its exposure to the
corporate banking market. 

Árni Ellefsen, the current CFO, has been appointed as interim CEO, replacing
Janus Petersen. 

BankNordik's Board of Directors has taken the final step in its declared
focused strategy for its banking operations. At its meeting today, the Board
resolved to put BankNordik's corporate banking business in Denmark up for sale.
Earlier this year, the bank announced that it was putting its Icelandic
insurance company, Vørður Insurance Company, up for sale. Negotiations are
currently ongoing, the outcome of which is expected to be announced by the end
of the year. 





It is the Board's intention to refocus BankNordik. Size is very important in
personal banking, and based on its position as the largest player in the Faroe
Islands, its 20% market share in Greenland and its rapidly growing market share
in Denmark, BankNordik aims to be an attractive player in these markets.
Synergies in the fields of processes and product offerings have yet to be
realised across the geographical markets, and the goal is to achieve that over
the next few years. 



In corporate banking, a bank like BankNordik needs to reduce its exposure due
to the new, upcoming supervisory regulations. Instead, the Board intends to
further specialise and tailor the bank's skill sets to the North Atlantic
region, where specialist knowledge about corporate structures and
socio-economic conditions offer a synergy potential in support of the bank's
credit policy. 



A new CEO will be needed to head up this strategy. Janus Petersen agrees with
this conclusion, and he and the Board have therefore agreed to part ways. Árni
Ellefsen, the current CFO, has agreed to act as interim CEO. 



“Our bank needs to apply its resources in a way that creates the most value for
our customers and our shareholders. This is the guiding principle of our
refocusing efforts,” said BankNordik Chair Stine Bosse, while expressing her
appreciation of Janus Petersen's efforts during his ten years as CEO and total
of 21 years with the bank. 



BankNordik aims to continue to contribute to the positive economic developments
currently taking place in the North Atlantic region. BankNordik intends to
serve corporate customers and personal customers in the Faroe Islands and in
Greenland and to be a supportive partner to customers developing their
operations, including in international markets where many customers and clients
already operate or are about to become active. BankNordik will provide these
services both on its own books and in collaboration with larger banks. 



As previously announced, BankNordik expects to distribute extraordinary
dividends to its shareholders when the strategy has been fully implemented. The
change of business strategy in Denmark away from corporate banking to
exclusively targeting personal banking is not expected to involve any
redundancies. 



The new strategic decisions will not change the current guidance provided at
the release of BankNordik's interim report for the first six months of 2015. 







Further information:



Stine Bosse, Chairman of the Board of Directors:

Phone (+45) 21 23 24 25