Denmark: Fionia Bank collapses
Denmark’s 11th largest bank, Fionia Bank, has collapsed after massive writedowns of 1.2 billion Danish kroner. However, the company will not face liquidation. According to Politiken, Instead of bankruptcy, Fionia’s assets will be transferred to a newly incorporated banking company.
In advertising campaigns, Fionia had dubbed itself the “bank of your future.” Despite the obvious, the bank’s chairman insists the future is still bright and all is well.