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Danske Bank to outsource its IT operations

August 17, 2004

Press release
Danske Bank will outsource its decentralised IT operations to DMdata. Today, DMdata is in charge of the centralised IT operations of the Danske Bank Group. In addition, the parties to the sale will agree to extend the remaining term of the operating agreement from three and a half years to ten years. Danske Bank will continue to carry out system and product development itself. These changes mean that some 330 staff members currently employed by the Group will work for DMdata.

“With this decision, we aim to ensure the future development and stability of our increasingly complex IT operations. Another aspect is the substantial future savings inherent in the outsourcing of the operations,” says chief executive Peter Straarup.

Danske Bank also expects to sell its holding of 45% of the shares in DMdata a/s to IBM Danmark A/S.

In the second half of 2004, the Group will book a capital gain of just over DKr100m on the sale of its shares in DMdata. In addition, the Group expects to cut IT operating expenses during the 10-year term of the agreement. The savings, which will increase progressively over the next ten years, will amount to more than DKr100m in 2005.