Danske Bank said it is looking into selling its pension assets in Sweden and that talks with a potential buyer are already under way.
The news comes as Denmark’s biggest bank finds itself embroiled in one of Europe’s worst ever money laundering cases, potentially resulting in hefty fines amid multiple criminal investigations. Danske’s acting chief executive Jesper Nielsen said that the bank was looking into exiting some non-core assets, though he maintained such divestments were not viewed by Danske as a way to generate more money to cover potential fines.
In a statement, Danske said it was informing the market of its “negotiations with a specific buyer” following a media inquiry. The talks are “ongoing, and there can be no certainty that a transaction will be concluded,” the Copenhagen-based bank said. It didn’t identify the buyer.
Danish financial daily Borsen on Friday named the potential buyer as private equity fund Polaris, which it said was making an offer in excess of $305 million.
Danske shares were up as much as 3.3 per cent on Friday in Copenhagen.
_______________
Read more:
Denmark's Danske Bank could face $630 million fine
EU calls for probe into Danske Bank money laundering scandal
_______________
News of a possible sale of Danske’s Swedish pension business, which serves about 150,000 customers, comes roughly a year after the bank agreed to buy the Danish pension operations of Stockholm-based SEB for about $1 billion, as part of a goal of expanding its wealth management division.
This year, the bank has been forced to focus on its laundering scandal. Danske has admitted that much of about $230bn that flowed through a tiny Estonian branch between 2007 and 2015 was probably illicit in origin.
The bank has already built a capital reserve of about $2.7bn to cover the fallout of the case, but says it’s continuing to add to that amount. That’s well above the $1.5bn in extra capital that it’s been ordered to hold by the regulator, in connection with the laundering scandal.
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
