Den Danske Bank A/S - Acquisition

RNS No 3735d
DEN DANSKE BANK
23rd February 1998

Den Danske Bank acquires Norwegian brokerage firm

     The Bank has purchased 51 per cent of the shares in the brokerage firm
           Saga Securities AS and obtained options to purchase the rest

On 22 February 1998, Den Danske Bank strengthened its position in the Nordic
market by purchasing 51 per cent of the shares in the Norwegian brokerage firm
Saga Securities AS.  The Bank also obtained options to purchase the remaining 49
per cent within two years.  Den Danske Bank already had a branch in Oslo.

Den Danske Bank's acquisition of the shares in Saga Securities must be approved
by the norwegian financial supervisory authority, which has been informed of the
transactions.

Saga Securities, which is a member of the Oslo Stock Exchange, has a solid
market position in Norway in investment banking activities such as corporate
finance, equity and option trading, and equity research.

For 1997 Saga Securities reported profits before tax of NKr28.3m, and at
year-end 1997 its shareholders' equity was NKr40m.

The price of the share purchase is NKr76.5m, the equivalent of about DKr70m.
The amount includes about DKr51m in goodwill.

Den Danske Bank's purchase of a controlling interest in the Norwegian brokerage
firm is a natural extension of its considerable investment banking activities.
In the future, these activities in Norway will be based on Saga Securities'
expertise and market position.

With Den Danske Bank behind it, Saga Securitiees will be able to act with
greater strength in corporate finance and equity trading.  The company can take
advantage of Den Danske Bank's Nordic and European distribution channels to
investors interested in Norwegian and international equity portfolios.  To
Norwegian companies making share issues, Saga Securities can now offer to place
the shares on international markets in collaboration with Den Danske Bank.

For Den Danske Bank, which is already expanding its activities in Sweden and
Finland, the decisive factor in the acquisition was being able to add a
well-functioning Norwegian organisation to its banking resources.

Saga Securities AS

Saga Securities AS, which was founded in 1994, is owned by 21 of its staff
through the holding company Saga Partners AS.  Saga Securities has a total staff
of 31.  It is headed by Torbjorn Gladso, Chief Executive Officer, and Tore
Tonne, Managing Director.

Contact persons:

Karsten Knudsen, Member of the Executive Board, Den Danske Bank, telephone
+45 3344 1101.
Torbjorn Gladso, Chief Executive Officer, Saga Securities, telephone
+47 2201 0011
Tore Tonne, Managing Director, Saga Securities, telephone
+47 2201 0031


END

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