29 November 2017
For the third time in four years, FX Week has awarded Danske Bank the number 1 spot in Scandinavian currencies.
Danske Bank has been awarded the prize as Best Bank for Scandinavian Currencies at a global level.
The industry publication FX Week is behind the award, which is presented to Danske Bank representatives in London on Wednesday.
“We are delighted with the result. We see it as an indication that we are creating value for our customers, which is our top priority in the bank,” says Karl Niklas Karlsson, Co-head of Currencies and Commodities at Danske Bank.
Chosen by end-users
As the bank was also rated number one in 2014 and 2016, this is the third time in four years that Danske Bank is named Best Bank for Scandinavian Currencies by FX Week.
The award is based on a survey open to foreign exchange end-users such as dealers, brokers and corporations. According to FX Week, voters could base their choice on criteria like pricing, speed of execution and reliability. Danske Bank’s overall vision is to be recognised as the most trusted financial partner.
Karl Niklas Karlsson says that the FX business still has a lot of work to do in spite of the many awards.
“We have certainly improved and have come a long way with regards to customer centricity. However, we must not start slowing down as the field is highly competitive,” he says.
In the FX Week award, Danske Bank finished ahead of competitors SEB, Saxo Bank, Citi and Nordea.
Tight focus on Scandinavia
Moreover, data from FX Week shows that Danske Bank finished in first place within all of the three customer segments that together make up the Best Bank for Scandinavian Currencies award. They are banks, corporates and investors.
The majority of the FX business within Danske Bank deals with Scandinavian currencies. That has been the case since a strategy revision years ago when the bank decided to focus on the currencies in Denmark, Sweden, Norway and Finland rather than a broader offering.
According to Karl Niklas Karlsson, the focus has led to a deep understanding of the Scandinavian currencies, which are relatively illiquid when compared to other major currencies.
In the ranking of Best banks overall for FX, Danske Bank finished as number 15, which was the highest-ranked of all Nordic banks.