Jyske Bank (JYSK) CEO seminar presentation summary

Strategy and priorities

• Strategy centers on sustainable, responsible banking that positively develops the Danish banking market and society, guided by common sense, honesty, vigour, equal worth and an unpretentious approach.

• Priorities include profitable market-share growth, simpler customer journeys, proactive advice, sustainable conduct and maintaining strong internal controls.

• Group action plans target future investment and pension services, future housing, automated credit, digitally enabled advice and sales, and top-three compliance with improved IT.

Customer initiatives

• Digital and service initiatives include mortgage refinancing in 10 minutes, online scheduling, digital investment advice and purchase readiness in 2 hours.

• Other initiatives include Jyske Forsikring, a partnership with Volvo Car Denmark, sustainable mortgages and credit facilities, and Debt Solutions.

Handelsbanken Denmark acquisition

• Strategic rationale includes greater scale, talent and critical mass, expanded career opportunities, compatible cultures, stronger local presence and an improved customer offering.

• Handelsbanken Denmark had 43 branches, ~600 employees and >130k household and corporate clients; 2021 standalone PBT was DKK 0.7bn, cost/income 58%, NPLs 0.5% and market share ~2%.

• FY 2021 pro forma figures show total income of DKK 10.3bn, PBT of DKK 4.8bn, loans excluding repo of DKK 510bn, deposits of DKK 157bn and assets under management of DKK 268bn.

• Transaction was expected to increase EPS by ~10% and RoE by ~1.5pp in 2024 versus the standalone plan; strong capital and funding enabled an all-cash deal without an equity raise.