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Danske Bank Dismisses Jesper Nielsen As Head Of Banking DK

Denmark's Danske Bank A/S (DNSKY.PK) announced Monday that its Board of Directors has dismissed Jesper Nielsen from his position as Member of Danske Bank's Executive Board and Head of Banking DK.

The company said the decision is a consequence of the matter relating to Flexinvest Fri. Danske Bank has found that customers who invested in the Flexinvest Fri product during a certain period paid fees that were too high. The matter affects about 87,000 customers in Denmark who invested in the Flexinvest Fri product.

In a separate statement, the bank said it will compensate all customers who invested in the Flexinvest Fri product during the period in question before the end of 2019.

Nielsen will now be released from his duties. Until the company finds a replacement, Glenn Söderholm, Member of the Executive Board will take responsibility for the banking activities in Denmark. Söderholm is also in charge of the banking activities in Norway, Sweden and Finland.

Karsten Dybvad, Chairman of Danske Bank's Board, said, "Jesper Nielsen has made significant contributions to the bank throughout many years, most recently as Interim CEO, for which we thank him. But, in the specific matter, he was at the time one of the responsible Executive Board members who did not to a sufficient degree ensure that the Flexinvest Fri product was suitable for the bank's customers. Therefore, we find that Jesper cannot continue in his position."

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