Translation
This text has been prepared in Danish and in English. In case of discrepancies,
the Danish text will prevail.
Company Announcement 11/2008
27 June 2008
Capinordic Bank licensed to operate a branch in Sweden
Summary
Capinordic Bank has been licensed by the Danish Financial Supervisory Authority
to launch a branch in Sweden. The licence has to be registered by the Swedish
Financial Supervisory Authority. This will occur within two months, whereupon
Capinordic Bank can launch a branch in Sweden.
Capinordic Bank expects to launch the branch with headquarters in Stockholm as
soon as the licence has been registered.
At the beginning, the branch will focus on deposits and savings products for a
wide segment corresponding to Capinordic's existing customer group in Sweden.
Capinordic now has more than 200,000 customer agreements in Sweden and has seen
an average net monthly inflow of about 4,000 customer agreements this past
year.
A branch of Capinordic Bank - business potential
It is Capinordic's objective to become a visible financial advisor, provider
and manager of savings and investment products to a wide segment of
Scandinavian customers before 2012.
The launch of the bank branch in Sweden brings Capinordic a strategic step
closer to realising its objective. The bank branch will allow for substantial
added sales and cross selling to the Group's existing customers in Sweden, and
it will also enable Capinordic to appeal to a broad group of people with a
comprehensive range of products in Sweden.
At the beginning, the branch will focus on deposits and savings products for a
wide segment corresponding to Capinordic's existing customer group in Sweden.
Continuation of successful business concept
Today, Capinordic has a very successful business concept with more than 200,000
customer agreements in Sweden. In the past year, Capinordic has seen an average
monthly net inflow of about 4,000 customer agreements.
Capinordic's significant expertise within the sale and marketing to the Group's
existing customer group in Sweden is to be used in the future continuous sales
and marketing campaigns of the branch.
Launch within two months
Capinordic Bank has been licensed by the Danish Financial Supervisory Authority
to launch a branch in Sweden. The licence has to be registered by the Swedish
Financial Supervisory Authority. This must be done within two months, whereupon
Capinordic Bank can launch a branch in Sweden.
Capinordic Bank expects to launch the branch with headquarters in Stockholm as
soon as the Swedish Financial Supervisory Authority has registered the licence.
The branch will have a start-up period, but is expected to contribute
positively to earnings in 2009. Capinordic maintains the announced expectations
for the Group for the current financial year.
Yours sincerely
Lasse Lindblad
Group CEO
Quote by Lasse Lindblad, Group CEO of Capinordic A/S:
“The branch is an essential piece of our strategy; it enables us to exploit the
Group's synergies so that we can seriously escalate our cross selling and added
sales potential through utilisation of our incredibly strong distribution in
Sweden.
Capinordic today has more than 200,000 customer agreements in Sweden and an
average monthly inflow of about 4,000 new customer agreements - customers
demanding bank products - which we can now offer them.
The new branch really sends Capinordic on its way towards realising its
objective for 2012.”
For further information, please contact:
Lasse Lindblad, Group CEO
+45 8816 3000
+45 4094 0708
info@capinordic.com
