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| Awards for Excellence 2012 Regional Awards for Excellence 2012: Nordic and Baltic All regions and countries |
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| Nordic and Baltic winners by country Denmark Estonia Finland Latvia Lithuania Norway Sweden |
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Best Bank: Danske Bank |
| The past year was just as difficult as the previous couple for Denmark and its banking sector, with the country continuing to suffer from the combined effects of eurozone contagion, sluggish economic growth and a home-brewed housing crisis. As a result, Denmark’s banks continue to be in the rating agencies’ line of fire; in May both Moody’s and Standard & Poor’s downgraded the country’s main lenders, citing slow domestic economic growth, weakening real estate prices, high unemployment and their combined negative impact on asset quality and profitability. The banking sector’s reliance on market funding was also a concern, as it leaves all the banks susceptible to changes in investor sentiment, the agencies said. However, while such a move was justified in the eyes of the agencies, Danske Bank, Denmark’s largest lender, hit back on being downgraded by Moody’s two notches from A2 to Baa1, and one notch from A- to A by S&P. | |