Sydbank

Sydbank A/S

Type	Publicly traded Aktieselskab (Nasdaq Copenhagen: SYDB)
Industry	Financial services
Founded	1970
Headquarters	Aabenraa, Denmark
Key people	Anders Thoustrup (Chairman), Karen Frøsig (CEO)
Products	Retail, commercial and private banking
Revenue	DKK 4.594 billion (2010)
Profit	DKK 411 million (2010)
Total assets	DKK 150.84 billion (end 2010)
Total equity	DKK 9.554 billion (end 2010)
Number of employees	2,280 (FTE, end 2010)
Website	www.sydbank.com

Sydbank A/S is one of Denmark's largest full service banks headquartered in Aabenraa. Sydbank was founded in 1970 with the merger of four local banks based in Southern Jutland: Den Nordslesvigske Folkebank (Aabenraa); Graasten Bank (Gråsten); Folkebanken for Als og Sundeved (Sønderborg) and Tønder Landmandsbank (Tønder). It has since then grown considerably through mergers and acquisitions, one of the latest being DiskontoBanken (DiBa Bank) of Næstved, which was delisted on the Copenhagen stock exchange as of 15 January 2014.

Through the early 1970s, Sydbank had only 50 branches — all in south Jutland — until 1976 when it opened its first branch across the Kongeå River in Fredericia.

In 1980, Sydbank grew greatly. In 1983, Sydbank opened an office at Kongens Nytorv in Copenhagen and merged with the Aarhus Bank. In 1984, it engaged in another merger with Fuen Bank and Co-established bank with a branch in Flensburg and subsidiary SBK-Finance. In 1985, came a branch in Hamburg. In 1987, the company created Sydbank Investment branch Sydinvest and purchased parts of Copenhagen-based 6th July Bank, which had gone into receivership in March of that year. In 1988, it purchased Sydbank Community Bank branches in Copenhagen and the following year, bought Sydbank DMK-Holding. The bank ended the decade with a market share of just two percent, 70 branches and 1,400 employees.

Sydbank merged in 1990 with Sparekassen South Jutland. It acquired Varde Bank in early 1994, including 30 West Jutland departments. In May 1994, it bought Sydbank Active Bank and 40 East Jutland offices from Topdanmark.

Since 2000, Sydbank has become a thriving, growing, robust and high-earning bank that has offices in almost all parts of Denmark. Sydbank acquired Odense Bank Egnsbank Funen in 2002 and began to open branches in central Jutland and Sealand. It opened the subsidiary Sydbank (Schweiz) AG in St. Gallen, Switzerland in 2002. In 2007, it sold Sydbank DMK-Holding to Ebh Bank and opened offices in Kiel. In 2008, the company purchased Trelleborg Bank, headquartered in Slagelse.

Sydbank is now one of Denmark's largest full service banks based in Southern Jutland and headquartered in Aabenraa. The Bank has a market share in the sector around seven percent, approximately 2,600 employees and 115 branches - including three in Germany. The Executive Director since 1982 Carsten Andersen. The Board is in addition to Carsten Andersen: Karen froze, Preben Lund Hansen and Allan Nørholm. The Sydbank board consists of: President Kresten Philipsen, Vice Chairman Donald Thoustrup, Otto Christensen, Peder Damgaard, Peter Gaemelke, Hanni Toosbuy Kasprzak, Sven Rose Meyer Paulsen, Per Olesen (elected by employees), Jan Uldahl-Jensen (elected by employees), Margaret Weber (elected by the employees) and Harry Max Friedrichsen (elected by employees).