A EUR 866 million manager started buying Danske shares after 30 percent slump

An asset manager in Norway started buying shares in Danske Bank A/S at the end of the summer afterinvestor fears fanned by a money laundering scandal led to panic selling.

After serious declines in stock price investors are now starting to buy Danske Bank shares | Photo: PR Danske Bank

Alexander Stensrud, who helps manage almost EUR 870 million at Skagen Vekst, said shares in Denmark’s biggest bank now make up about 1.2 percent of the total since the fund bought the stock a few months ago, after it sank 30 percent from a 2017 high. Those purchases came after Skagen had dumped its entire Danske holding at the end of last year, he said.

Danske’s declining share price has made it Europe’s worst financial stock this year. Investors have abandoned the Danish bank in droves amid fears it will be crippled by a growing money laundering scandal. Danske admitted last month that much of about Euro 203,5 billion that flowed through a tiny Estonian unit may need to be treated as suspicious.

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