Denmark

Cancelled banking merger

For several years, the largest Danish mortgage credit institution, Nykredit A/S, has cooperated with BG Bank A/S (itself the result of a merger between Sparekassen Bikuben A/S and GiroBank A/S) with the aim that the two financial institutions would merge.

However, at the beginning of June, Nykredit announced that it would not go forward with a merger with BG Bank A/S and will instead develop its own bank, Nykredit Bank, as an all-round player in the Danish financial market.

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Update

Both the act regarding new management rules for financial institutions referred to in the April issue and the act on NON-UCITS referred to in the June issue were adopted by the Danish parliament at the beginning of June 1997.

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