Deals
Danish Bank Mergers to Reshape Industry by 2013, FSA Says
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Denmark’s financial industry faces consolidation as small banks struggling to refinance debt before a state guarantee ends in 2013 get absorbed by bigger rivals, said Ulrik Noedgaard, head of the country’s financial regulator.
“Many banks will face challenges as they need to refinance the individually guaranteed bonds,” said 41-year-old Noedgaard, director general of the Financial Supervisory Authority, in a March 4 interview in Copenhagen. “One of the tools they can use is to strengthen by merging with other banks. It’s on the cards that we’ll have fewer banks.”