Danske Bank sells BG Factoring
and BG Garanti

April 27, 2001

Stock Exchange Announcement No 14/2001
Danske Bank sold its subsidiaries BG Factoring A/S and BG Garanti Forsikringsselskab A/S to the Dutch-owned NCM group effective from 1 April 2001. NCM takes over all activities, including the 38 staff members, of the two companies.

“Factoring activities are at the periphery of our core business. Last autumn we sold Forenede Factors to NCM, and we have now accepted NCM’s offer to also take over BG Factoring. The current collaboration under which we refer customers who want factoring solutions to NCM will of course continue,” says Jakob Brogaard, Member of the Executive Board of Danske Bank.

In addition to BG Factoring, NCM also takes over BG Garanti whose primary activities include credit and guarantee insurance and guarantees.

“As is the case with factoring, the Bank will collaborate with NCM about guarantee insurance in future. The sale of BG Garanti does not affect the Bank’s ability to continue to provide guarantees. Guarantees will continue to be a natural part of the Bank’s product range,” says Jakob Brogaard.

Kaj Brandt Petersen, who has been Managing Director of BG Garanti since the start in 1987, has expressed a wish to retire in connection with the sale. Ejvind Dalsgaard, head of finance, has been appointed acting managing director until BG Garanti is finally integrated into NCM.

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