Organisational adjustments at
Danske Bank

November 18, 2004

Stock Exchange Announcement No. 18/2004
Centralisation of administrative and support functions. Reduction of international wholesale banking activities. Focus on expansion of international branch network.

With effect from January 1, 2005, the Danske Bank Group is introducing a number of adjustments to its organisation. The purpose is to create the best possible basis for future growth.

The adjustments include the amalgamation of administrative and support functions across borders. Furthermore, the Group has decided to strengthen the business areas which operate in retail banking.

The adjusted structure appears in the enclosed
organisation chart (10 kb).

The gathering of a number of administrative and support functions supports the Group’s ability to extend its branch network activities internationally at a competitive expense level. These functions comprise administration, finance, product development, communications, and HR development, as well as development and support functions.

At the same time, responsibility for more of the Group’s credit activities will be delegated to the individual banking areas. In future, the centralised credit area will concentrate on risk management, credit policy and monitoring, and credit research.

The Group plans to reduce international wholesale banking activities. Therefore, in 2005, New York Branch will close and London Branch will reduce its activities. The continuing activities of London Branch will be integrated in Danske Markets.

Banking activities in Finland, Poland, Germany and Luxembourg will continue without changes. The Group will consider expanding its network of conventional branches either through organic growth or acquisition.

Nine Danske Bank DK regions
By merging the managements of branch and finance centre activities at Danske Bank DK, the Group intends to sharpen its local profile. In future, branch network operations will be divided into nine regions each headed by a general manager in charge of all the local activities.

The branch network of BG Bank will not see any organisational adjustments. BG Bank will continue to focus on its retail customers and selected areas of corporate banking.

Management
In addition to obligations as Deputy Chairman of the Executive Board, Jakob Brogaard will be in charge of the overall management of the centralised credit activities.

Sven Lystbæk, Member of the Executive Committee, will continue as head of the Shared Services Centre. In future, the Shared Services Centre will also encompass a number of decentralised cross-border administrative functions to be gathered in a centralised back-office.

Jørgen Klejnstrup, deputy head of the Shared Services Centre and Member of the Executive Committee, will in future be in charge of overall business development in Finland, Poland, Germany and Luxembourg. Moreover, Mr Klejnstrup will be in charge of processes related to the expansion of the Group’s retail banking activities outside the Nordic region.

Tonny Thierry Andersen, CFO and Member of the Executive Committee, will continue as head of Group Finance. In future, he will also be in charge of the daily finance and accounting activities of the Group’s units.

Henrik Normann, head of Danske Markets and Member of the Executive Committee, will assume responsibility for the Group’s remaining activities in London and some of the activities currently managed by the Financial Advisory Services department of Banking Activities, Denmark.

Hans Erik Mørk, Member of the Executive Committee and head of the Danske Bank DK division, will attain the age of 60 in December and wishes to retire. Per Skovhus, Member of the Executive Committee, has been appointed the new head of the Danske Bank DK division.This is a translation of a stock exchange announcement in the Danish language. In case of discrepancies, the Danish version prevails.

New members of the Executive Committee
In connection with the organisational adjustments, the heads of activities at Danske Bank DK, BG Bank, Fokus Bank and Danske Bank Sweden will become members of the Danske Bank Group’s Executive Committee. Afterwards, the Committee will consist of the following members:

Peter Straarup, Chairman
Jakob Brogaard, Deputy Chairman
Tonny Thierry Andersen, CFO, Group Finance
Thomas Borgen, Fokus Bank, Norway
Søren Kaare-Andersen, BG Bank
Jørgen Klejnstrup, Business Development
Sven Lystbæk, Shared Services Centre
Henrik Normann, Danske Markets
Per Skovhus, Danske Bank DK
Mats Torstendahl, Danske Bank Sweden

Hans Møller-Christensen, General Manager, New York Branch, and Angus MacLennan, General Manager, London Branch, will leave the Group after a transition period.

New regional managers
The following persons have been appointed general managers in charge of Danske Bank’s Danish regions:

North Jutland: Erik B. Hansen – currently head of North Jutland Finance Centre
East Jutland: Vagn Holm – currently Senior Vice President of Large Corporates, Copenhagen
Central Jutland: Jan Svarre Jakobsen – currently head of Central Jutland Regional Centre
South Jutland: Flemming B. Lange – currently head of Jutland South Finance Centre
Funen: Bent Lundgaard – currently head of Funen Regional Centre
South Zealand: Finn Rohde – currently head of South Zealand Regional Centre
North Zealand: Claus Johansen – currently Executive Vice President of Danske Bank DK
Greater Copenhagen: Henrik Christensen – currently head of Greater Copenhagen Finance Centre
Copenhagen: Jørgen Toftegård – currently Executive Vice President of Holmens Kanal Branch and Copenhagen Finance Centre

No change in estimate of core earnings
In connection with the reduction of wholesale banking activities, the Group will make provisions for restructuring costs of about DKr300m in the fourth quarter of 2004. However, the Group still expects core earnings in 2004 between DKr11bn and DKr12bn.

Contact:
Peter Straarup,
Chairman of the Executive Board, tel. +45 33 44 01 07

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