Grønlandsbanken
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The BANK of Greenland ( da, GrønlandsBANKEN) is one of two commercial banks in
Greenland Greenland ( kl, Kalaallit Nunaat, ; da, Grønland, ) is an island country in North America that is part of the Kingdom of Denmark. It is located between the Arctic and Atlantic oceans, east of the Canadian Arctic Archipelago. Greenland is t ...
, listed on the Copenhagen Stock Exchange as GRLA, with 2,700 shareholders in 2017. Headquartered in Nuuk, the bank had 118 employees in 2017.


History

The Bank of Greenland was founded on 26 May 1967 by a number of
Danish Danish may refer to: * Something of, from, or related to the country of Denmark People * A national or citizen of Denmark, also called a "Dane," see Demographics of Denmark * Culture of Denmark * Danish people or Danes, people with a Danish ance ...
banks, during the era when Greenland was still a province of Denmark. The founding banks were Privatbanken,
Danske Bank Danske Bank A/S is a Danish multinational banking and financial services corporation. Headquartered in Copenhagen, it is the largest bank in Denmark and a major retail bank in the northern European region with over 5 million retail customers. ...
, Kjøbenhavns Handelsbank, and an organization of local banks, provincial and
Copenhagen Copenhagen ( or .; da, København ) is the capital and most populous city of Denmark, with a proper population of around 815.000 in the last quarter of 2022; and some 1.370,000 in the urban area; and the wider Copenhagen metropolitan ar ...
-based. Operations started in Nuuk on 1 July 1967, while local branches in
Ilulissat Ilulissat, formerly Jakobshavn or Jacobshaven, is the municipal seat and largest town of the Avannaata municipality in western Greenland, located approximately north of the Arctic Circle. With the population of 4,670 as of 2020, it is the t ...
, Sisimiut, and
Qaqortoq Qaqortoq, formerly Julianehåb, is a city in the Kujalleq municipalities of Greenland, municipality in southern Greenland, located near Cape Thorvaldsen. With a population of 3,050 in 2020, it is the most populous town and the municipal capital in ...
followed in 1985, and in Maniitsoq in 1989. On 8 June 1985 the bank merged with ''Nuna Bank'' (formerly ''Bikuben''), with the capital of 120 million Danish krone (DKK), retaining the name of Grønlandsbanken, and becoming the only commercial bank in the country. Later, the
BankNordik BankNordik is a Faroe Islands-based financial services company that provides banking and insurance services. It also provides some services in Denmark and Greenland Greenland ( kl, Kalaallit Nunaat, ; da, Grønland, ) is an island country ...
, which has its headquarters on the Faroe Islands, established itself as a competitor with an office in Nuuk, Greenland (BankNordik also has offices in the Faroe Islands).


Operations

The Bank of Greenland provides commercial services, as well as products and services for private customers such as loans, specialized and automated deposits, and property trading and administration. With 50,000 customers, the Bank of Greenland has branches in major towns in Greenland, while bank operations in small settlements are handled via the integrated
Post Greenland Tusass A/S, doing business as Tusass (formerly Greenland Technical Organization and Tele-Post), is a Greenlandic postal and telecommunications company dating back to 1879. Tusass is the largest telecommunications company in Greenland. The company ...
offices in the Pilersuisoq all-purpose stores.


Banca Transilvania deal

The Romanian Banca Transilvania offered in the beginning of 2018 DKK 1.14 Billion for the Bank of Greenland. The Bank of Greenland did not respond to this offer.


See also

*
Economy of Greenland The economy of Greenland is characterized as small, mixed and vulnerable. Greenland's economy consists of a large public sector and comprehensive foreign trade. This has resulted in an economy with periods of strong growth, considerable inflatio ...
*
List of banks in Greenland Banks in Greenland include the following: *Bank of Greenland (GrønlandsBANKENSWIFT: GRENGLGX * BankNordikbr>SWIFT: FIFBFOTX Greenland currently has one main commercial bank since the merger of Bank of Greenland and Nuna Bank in 1997. {{North ...


References

{{coord, 64, 10, 31, N, 51, 44, 19, W, type:landmark_source:kolossus-frwiki, display=title Banks established in 1967 Banks of Greenland Nuuk 1967 establishments in Greenland