Thursday 22 February 2018

Make sure to deliver for the Danes

The Punt is a fan of most things Danish, although the dull countryside can get rather boring from time to time.

The decision to push out Danske Bank chief executive officer Eivind Kolding (pictured) this week was anything but boring.

It seems that Mr Kolding was given the push after telling investors they could look forward to higher credit ratings and then failing to deliver.

Danske chairman Ole Andersen, who fired Mr Kolding on Monday, said the bank needs a ratings upgrade to help lower funding costs. "It is a very high priority to get our credit rating back to where it should be," Mr Andersen told Bloomberg.

"If we somehow can accelerate our strategy implementation to secure a ratings upgrade happens sooner rather than later, then that's what we should do." Mr Andersen added for good measure that Danske now needs an executive more versed in banking.

Ah, those straight-talking Danes! Despite everything that has happened to our country's banks, the Punt cannot remember any chairman sacking a chief executive of any company for failing to live up to their promises.

Irish Independent

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