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.