VP Securities officially joins the Euronext Group

It’s been an eventful, historic summer for VP Securities.

07.08.2020
On 15 July, Euronext received the Danish FSA’s clearance to acquire VP. And earlier this week, Euronext announced that it has completed the settlement of shares in connection with the acquisition. Now, just one month after our 40-year anniversary, we are entering a new chapter in our history. Which can prompt the question: What happens now?

Developing a shared strategy

Next steps in our joining the Euronext group are already underway. Earlier this week, we held an extraordinary shareholder’s meeting, where a new Board of Directors was appointed. Now, we’re entering the design phase, where we will work together with our new Euronext colleagues to develop a shared strategy and the corresponding organisation.

A changing of the guard

At the same time, Niels Olsen announced that he has decided to resign as CEO. Niels Olsen informed the Board of his decision prior to the summer holidays, and made a public announcement earlier this week. Maria Hjorth, former Deputy CEO, has been appointed as the new CEO of VP, pending regulatory approval.

When asked about the reasons for his decision, Niels Olsen stated: “After 30 years in management positions in the financial industry, I’ve decided it’s time for a more flexible work life. I’ve always had an idea that I would stop when I turned 60. Although I’m not there yet, I believe the time is right for me to start a new phase in my personal and professional life.”

Niels Olsen joined VP in 2013, and has played a central role in bringing VP closer in harmony with the European markets. “When I look back at the past seven years, I’m incredibly proud of positioning VP into a European context, which of course has culminated with the sale of VP to Euronext, but which began with VP being only the second CSD in Europe to obtain a CSDR licence,” Niels Olsen says. “And continued with the delivery of two major infrastructure projects: the Euro on T2S in 2016, and the Danish Kroner in 2018. These projects, while challenging for both our organisation and our customers’, helped pave the way for where we are today.”

Looking ahead

As Euronext and VP begin working on a shared strategy, Maria Hjorth highlights the benefits the new ownership structure will bring to the pan-Nordic markets. “Joining Euronext will open up a new range of opportunities for both our customers and for VP. It’s an exciting time in VP. We’re transitioning from being a standalone company to becoming a part of a larger, international group focused on building a leading pan-European market infrastructure. And personally, I want to thank Niels Olsen for all he’s done to bring VP to this point. It’s my privilege take up the baton and help lead the next step of our transformation as part of a larger group.”

“The Danish capital market is deeply integrated in Europe, which is why joining Euronext makes sense, both for the market and for VP,” Maria Hjorth states. “Together we can create a stronger, technology-driven organisation, and take advantage of synergies in technology, products and know-how across borders.”

Continued focus on the Danish market

Although VP has now officially joined a larger, European group, we will continue our strong focus on local and regional markets. “We wouldn’t be where we are today without the close cooperation we have with our Danish customers, and we will continue to take a customer-centric approach to everything we do,” says Maria Hjorth. “In concrete terms, that means our existing User Committee and customer forums will continue as before the acquisition. We will also continue to support and develop the Danish market infrastructure, including its unique characteristics, such as the Danish mortgage model. And now that we’re in the same organisation as VPS, it only makes sense to work together to see how we can better support the pan-Nordic market”.

Maria Hjorth

CEO

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- Maria Hjorth, CEO