Danske Bank: Good luck, or good business?
After barely a year in the job Danske’s CEO Thomas Borgen is overseeing a revival in its fortunes. He clearly has the skills to make a difference, but can he outsmart the legacy challenges as well as inevitable changes coming to Danish banking?
Thomas Borgen may be one of the most brilliant bankers in Europe; or he may simply be one of the luckiest.
The truth almost certainly lies somewhere in between. But if you measure these things by share-price performance alone, the new CEO of Danske Bank certainly appears to have exercised a Midas touch so far. On the day of his appointment, in September 2013, Danske’s shares opened at DKr117.9 ($20.98). By late July 2014, they had rallied by close to 40%.
There are several compelling reasons for the performance of Danske’s share price over the last 12 months.