Danske Poaches SEB Banker to Expand Norwegian Corporate Finance

Danske Bank A/S, Denmark’s biggest lender, is adding new hires to its corporate finance team in Norway as it expands its business in Scandinavia’s richest nation.

Karl Skjelbred, managing director of Norwegian corporate finance at Sweden’s SEB AB, will join Danske as head of its corporate finance team in Norway from Sept. 1, Jens Petter Olsen, head of the bank’s capital markets division, said by phone from Copenhagen today. The Danish bank will announce several more hires for the unit “in due time,” he said.

Danske and Nordea Bank AB have been hiring more bankers for their corporate debt underwriting units to tap growing demand even as they cut thousands of jobs in other divisions. The Danish bank is looking to increase its market share in capital markets generally as well as building “a much bigger presence in Norway,” Olsen said.

“We made significant investments on the research side last year and now we’re enhancing our advisory and originating capacity,” said Olsen. “We’re keen to upgrade some of our equity distribution capacity in Norway. That’s the final piece.”

Five other bankers at SEB, equivalent to a quarter of the Swedish lender’s corporate finance team in Norway, are also leaving to join Danske, Norwegian daily Dagens Naeringsliv reported. Olsen declined to comment further.

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