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Lars Mørch resigns from Danske Bank

Company Announcement No. 22/2018

Lars Mørch has today resigned from his position as member of the Executive Board of Danske Bank A/S. Lars Mørch has been employed with Danske Bank since 1999 and been responsible for Business Banking since 2012, including Danske Bank’s International Banking units and our Baltic operations.

Danske Bank’s Chairman of the Board, Ole Andersen, takes notice of the resignation:

“I respect Lars Mørch’s decision to resign. Although the ongoing investigations into the issues related to the Estonian non-resident portfolio have not been completed, it is now clear that the bank should have undertaken more thorough investigations at an earlier point. Such investigations would have led us to understand the full extent of the issues sooner and prompted swifter actions. We have discussed this situation with Lars Mørch over the last few weeks.”

“On behalf of the Board of Directors, I would like to thank Lars Mørch for his contribution and commitment to Danske Bank over the years. Recently, he has been the driving force in the significant strengthening of Business Banking across the Nordic countries.”

The Board of Directors remain committed to getting to the bottom of the issues related to the closed Estonian non-resident portfolio and present the conclusions of the ongoing investigations when they are ready.

Lars Mørch will be released from his ordinary work duties as soon as possible and will formally end his employment with Danske Bank at the end of October 2019. Thomas F. Borgen will temporarily assume Lars Mørch’s responsibilities on the Executive Board.

Danske Bank A/S

Contacts: Tim Smidemann, press adviser, tel. +45 45 14 14 00

Journalists are also welcome to contact our Press Office by phone +45 45 14 14 00.