Danske Bank

Infosys is set to buy Danske Bank’s IT centre in India, worth $454m as part of Forward 28 of Danske Bank

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Danske Bank As part of the agreement, Infosys is set to buy Danske Bank’s IT operation as part of an IT outsourcing contract worth $454m over 5 years. Danske Bank provides employment to 1,200 staff in eight countries, including the UK, Sweden’s neighbouring Nordic countries, Germany and Austria, where this agreement is part of the Forward 28 of the bank, where they are expanding their operation to other countries. Danske Bank’s leadership has expressed a commitment to ambitious financial goals, including a return on equity of 13% with a CET1 ratio above 16% by 2026, with expanding its market presence and influence in the Nordic countries, including Denmark, Sweden, Finland, and Norway.

What is Forward 28?

Forward 28 is the operation strategy where banks like Danske Bank aim at creating a strong marketing presence in Denmark, Sweden, Finland and Norway while making their operation lesser  risk level and better organisation structure with better relationships between existing customers and attract new ones with 13% with a CET1 ratio of above 16% and cost/income ratio of around 45%.

  • Denmark: They want to reaffirm our position as the bank of choice across customer segments.
  • Finland: They want to maintain our position, serving customer needs across a broad set of segments and focusing on customers with advanced needs in primarily urban areas.
  • Sweden: They want to become the premium retail and private banking bank for business owners and customers with advanced need
  • Norway: They have decided to exit the market for personal customers in Norway to focus our efforts, investments and capital on other parts of their portfolio.

To Read More about Forward 28

https://danskebank.com/news-and-insights/news-archive/company-announcements/2023/ca07062023

What is the forward 28 strategy of Danske Bank?

Under Forward 28,Danske Bank’s leadership has expressed a commitment to ambitious financial goals, including a return on equity of 13% with a CET1 ratio above 16% by 2026, with expanding its market presence and influence in the Nordic countries, including Denmark, Sweden, Finland, and Norway.

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