News in Digest: Heat turned up on Danske Bank

Both Denmark and Estonia have launched investigations into money laundering claims at its Tallinn branch

The public prosecutor for serious economic and international crime, SØIK, has launched a criminal investigation into money laundering allegations at the Estonian branch of Danske Bank – claims that first surfaced in September 2017.

A recent leak estimated that as much as 53 billion kroner from countries such as Russia, Azerbaijan and Moldova has been laundered – a “colossal” amount, SF’s Lisbeth Bech Poulsen told Politiken, which represents “the biggest money laundering case we have ever seen”.

It is believed the branch made a gross profit of 1.5 billion kroner from its non-resident portfolio between 2007 and 2015, but Danske Bank has said it will forgo all the earnings.

Allegation of theft
Just last month, the British businessman and CEO of Hermitage Capital Management (HCM), William Browder, reported Danske Bank to the Danish and Estonian police for its role in the theft of 1.4 billion kroner from HCM in 2007.

SØIK’s decision follows a similar one by the Estonian authorities in late July, and the results of Danske Bank’s own inquiry are expected in September.

Nordea’s busy summer
In related news, Danske Bank was one of five banks fined by the European Securities and Markets Authority for issuing credit ratings between June 2011 and August 2016 without being authorised to do so.

Nordea, which was also fined, has had a busy summer, first forking out 4.5 billion kroner to acquire Gjensidige Bank, a Norwegian online enterprise that specialises in loans to buy cars, from the insurance group Gjensidige Forsikring.

And then it learned that the US central bank, the Federal Reserve, has approved its application to run a department in New York State in the wake of a merger between its Swedish and Finnish banks.

Class action fails
In other banking news, a class action involving 454 Amagerbanken shareholders has failed at the eastern high court, Østre Landsret, to recover 30.5 million kroner in compensation after helping to raise funds to aid the bank’s recovery in late 2010.

However, despite a two-year state guarantee and funding, the bank was shut down 88 days later in February 2011, and the shareholders allege they were misinformed by the FSA.




  • The international who shaped Copenhagen

    The international who shaped Copenhagen

    Anna Maria Indrio is one of the most important architects in Denmark, having contributed to shaping Copenhagen into what it is today. Among her best-known projects are the extension of SMK and Arken, as well as the Natural History Museum and the Darwin Centre in London. She moved here 60 years ago, when “Copenhagen was gray and dormant. Predictions suggested it would become depopulated. But putting people at the center changed everything,” she said

  • Danish government passes amendment to increase citizenship fee by 50%

    Danish government passes amendment to increase citizenship fee by 50%

    Fees were raised to reflect processing costs and curb repeat applications, creating debate over whether the new charges erect barriers to political participation for internationals.

  • Internationals’ labour contributes 361 billion DKK to Denmark’s GDP, and it is growing strongly every year

    Internationals’ labour contributes 361 billion DKK to Denmark’s GDP, and it is growing strongly every year

    According to a report by the Danish Chamber of Commerce, internationals’ contribution is 12% of the country’s GDP. In 2023, it was 322 billion DKK, and in 2008, it was 136 billion DKK. “Internationals make a gigantic difference in our prosperity and welfare,” comments Morten Langager, the Director of Dansk Erhverv.

  • Inside Denmark’s innovation engine

    Inside Denmark’s innovation engine

    With half of its staff being international, the BioInnovation Institute reflects Denmark’s broader transformation into a global innovation hub. But can the country—and Europe—keep up the pace? “If reforms are made now, we can close the gap in ten years,” explains BII’s CEO

  • Denmark launches massive investment in the navy

    Denmark launches massive investment in the navy

    Two months ago, the Danish PM announced that military equipment should be purchased in a hurry. The first plans for the sea are now ready. Additional plans for warships will follow this summer.

  • International designers struggle to find jobs in Denmark

    International designers struggle to find jobs in Denmark

    Many internationals come to Denmark to work as designers, but the field appears to be one of the hardest to break into. The Copenhagen Post spoke with two internationals struggling to find their way into the industry.

Connect Club is your gateway to a vibrant programme of events and an international community in Denmark.