A.P. MØLLER HOLDING A/S ANNUAL ANNUALREPORT REPORT 2018 2018 MANAGEMENT 0BMANAGEMENT REVIEW REVIEW
DANSKE BANK Danske Bank delivered a financial result with a net profit of DKK 15bn (DKK 21bn) and a return on shareholders’ equity of 9.8%. The financial result was overshadowed by the AML case. Danske Bank is a Nordic focused universal bank with four core Nordic markets - Denmark, Norway, Sweden and Finland - and four business segments - personal, business, corporate and institutions and wealth. The universal banking model provides a strong diversified platform delivering synergies across core markets. A.P. Moller has been involved in Danske Bank since 1928. In 2015, A.P. Moller Holding acquired a 20% direct ownership stake in Danske Bank, and at the end of 2018 A.P. Moller Holding held 20.5% of the shares in Danske Bank. A.P. Moller Holding continues to see the importance and value of a leading Nordic bank, with a strong presence in Denmark. THE YEAR IN BRIEF 2018 proved to be a challenging year for Danske Bank, with the continued development of the serious issues related to the non-resident portfolio in Estonia (the AML case), which continues to negatively impact the bank in a number of ways. Following the release of the report on the AML case, there has been changes in the management team and in the Board of Directors elected on the extraordinary general meeting held in December 2018. The extraordinary general meeting was called by Danske Bank at A.P. Moller Holding’s request and was fully supported by other main shareholders. The purpose was to ensure that the Board of Directors has strong integrity and comprehensive experience in engaging with regulators, as well as financial competencies, to support the bank’s talented employees in re-establishing a new, sound foundation and to strengthen Danske Bank’s position as a leading Nordic bank.
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