Denmark-based Danske Bank has closed its equity capital markets (ECM) operations in London, according to a Bloomberg report.
The move comes as the lender seeks to focus on Stockholm and aims to enhance its position as the top investment bank in the Nordic region.
The decision led to the termination of five employees from the London equity syndicate team.
In an email to the publication, Danske Bank’s investment banking division head, Atilla Olesen, described the change as a strategic milestone in the bank’s capital markets strategy.
As part of its five-year plan initiated in 2023, Danske Bank aims to expand its advisory services in the Nordic markets.
Olesen noted that the move is focused on investment opportunities in Sweden, with a new ECM team was set up in Stockholm.
Earlier, Danske Bank stated its intentions to become a top retail and private banking institution in Sweden, catering to business owners and clients with complex needs.
The bank has also made significant appointments to bolster its investment banking capabilities.
Last year, Danske Bank recruited Carl Rosenius from Skandinaviska Enskilda Banken AB to serve as co-head of investment banking and head of corporate finance in Stockholm.
Under Rosenius’s leadership, the bank has added four more bankers from SEB and Nordea Bank Abp, with further recruitment anticipated.
Earlier this year, Danske Bank integrated BlackRock’s Aladdin Wealth platform to enhance its investment services. This move is expected to benefit Danske Bank’s investment customers by providing them with a more comprehensive and “efficient” wealth advisory service.
“Danske Bank closes London equity capital markets desk-report” was originally created and published by Private Banker International, a GlobalData owned brand.
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