Danske Bank Shutters London ECM Desk to Focus on Stockholm

(Bloomberg) -- Danske Bank A/S has closed down its equity capital markets operations in London as it doubles down on Stockholm in a bid to become a top Nordic investment bank. 

Five people from the London equity syndicate team were dismissed in the shakeup, which took effect in June, according to the lender. The move marks a “strategic milestone” in the bank’s capital markets franchise push, Atilla Olesen, head of its investment banking division, said in an email to Bloomberg News. 

As part of a five-year strategy it set out for itself in 2023, Danske Bank is committed to expanding its Nordic capital markets advisory business “with a strong focus on investment opportunities in Sweden,” Olesen said, adding it’s established an ECM team in Stockholm that includes syndication as well.

Read: Nordic Banks Ramp Up M&A Teams Ahead of Expected 2025 Deal Wave

The move brings a sharper focus on its core client base closer to home and dovetails with its previously stated goal of becoming the premium retail and private banking bank in Sweden for business owners and customers with advanced needs. Chief Executive Officer Carsten Egeriis considers private banking and asset management as important growth areas.

Danske Bank last year poached Carl Rosenius from Skandinaviska Enskilda Banken AB as co-head of investment banking and head of corporate finance in Stockholm. Since then, Rosenius has added four bankers from SEB and Nordea Bank Abp and has signaled more likely hires. 

Danske Bank shares are up 33% this year, lagging behind the 46% gains in the wider Stoxx Europe 600 Banks Index.

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