BankNordik P/F - Company Announcement

BankNordik adjusting its organisation

Aiming to increase its competitive strength, the Bank is today eliminating 25
full-time positions. 

BankNordik announces an organisational adjustment that will in particular help
streamline personal and corporate customer operations along with staff
functions in Denmark. The move comes as part of the Bank's ongoing efforts to
operate as efficiently as possible to enhance its profitability and competitive
strength. 

The changes will result in the termination of 20 positions and staffing
reductions corresponding to five additional full-time positions to be achieved
through normal attrition. 

“We aim to stay competitive and remain an attractive investment to our
investors,” said CEO Janus Petersen. “BankNordik is growing and is attracting
new customers, but the competition for new customers is getting tougher.
Efficiency is essential if we are to offer the best terms in the market, and we
intend to use our improved competitive ability to maintain the current forward
momentum of our business. We have agreed on alleviating measures with the
employees involved and have taken steps to help our skilled employees move on
in their careers.” 

Reducing the number of full-time positions by 25 will cut annual costs by about
DKK 17 million. Severance payments will total about DKK 13 million, and the
amount will be recognised in the financial statements for the second quarter. 

BankNordik maintains its full-year guidance and expects to generate profit
before impairment charges, non-recurring items, value adjustments and tax of
DKK 200-240 million for the full year 2015. 



For further information, please contact:

Janus Petersen, CEO, tel. (+298) 330 340

Árni Ellefsen, CFO, tel. (+298) 330 348

Johnny í Grótinum, IR, tel. (+298) 230 380, jig@banknordik.fo





BankNordik has banking activities in Denmark, Greenland and the Faroe Islands
and insurance activities in the Faroe Islands and Iceland. Founded in the Faroe
Islands more than a century ago, the Group has 170,000 customers, total assets
of DKK 16bn and about 480 employees. The Bank is subject to the supervision of
the Danish Financial Supervisory Authority and is listed on NASDAQ OMX.
www.banknordik.dk.