Copenhagen campaigns to boost financial image

Brexit will change the financial map of Europe although it is too early to predict the precise consequences. Some estimates point out, that assets up to 1.8 trillion € will move from London to the continent. The amount is equal to eight times the BNP of Denmark. Up to 100.000 jobs are also expected to move as England leaves EU and loses the rights to do banking within the union. Banks will most likely choose traditional destinations like Frankfurt, Paris, Dublin and Amsterdam, but in asset management and fintech Denmark and Copenhagen has a lot to offer.

Today a delegation from Denmark with Brian Mikkelsen, Danish Minister for Industry in front visits London, and CEO Niels Olsen from VP joins in to support a stronger financial hub in Copenhagen. CEO Alan Polack from PFA and CEO Ulrik Nødgaard from Finans Danmark is also among the key spokes persons for the campaign.

“Internationalization is also a big game changer in the CSD space”, says Niels Olsen. “We are currently re-shaping a traditional national infrastructure for post-trade clearing and settlement to a role as partner and service provider to market participants. Our customers are often working regionally in the Nordics and in Europa and we need to be able to follow them and be competitive in the international landscape.”

Besides, of a Scandinavian model of society with a high level of trust and a high level of digital adaption in companies and population Denmark has an outstanding mortgage model and a very elaborated pension system. The biggest market participants like ATP and PFA is also ranking high on the top ten list of European institutional investors giving Denmark a stronghold in asset management.

“As part of the Nordic financial eco-system we need to adapt and innovate in close cooperation with the industry. The proximity to the market has always been instrumental to us, and we need to go even further. This is why we are taking part in this campaign”, says Niels Olsen.

VP’s key asset is a robust digital motor to process the post-trade traffic and partnering with customers, and facilitating innovative solutions for them, will always contain a very substantial digital component of development and adaption.

“We are relying on having a vibrant fintech sector nearby. We need resources for programming and technical solution, and we need innovative brains in fintech. If we can participate in the development of an even stronger culture merging digital and financial competencies, we will be happy to play our part”, concludes Niels Olsen.