Danske Bank sold its subsidiaries BG Factoring A/S and BG Garanti Forsikringsselskab A/S to the Dutch-owned NCM group effective from 1 April 2001. BG Factoring is the fifth largest player in the Danish factoring market, with a market share of 7% and a total factored volume of DKK2bn in 2000.
NCM takes over all activities, including the 38 staff members, of the two companies. Factoring activities are at the periphery Danske Bank’s core business. Last September, the bank announced that it was selling Forenede Factors to NCM, with the actual acquisition back-dated to 1 July 2000. (For more information on this story, please click on this link: 26 September 2000: Forenede Factors Bought By NCM Holding NV “The current collaboration under which we refer customers who want factoring solutions to NCM will of course continue,” says Jakob Brogaard, Member of the Executive Board of Danske Bank.
