Danske Andelskassers Bank

What Danske Andelskassers Bank does

Danske Andelskassers Bank A/S is a Danish cooperative retail bank publicly listed on Nasdaq Copenhagen (ticker DAB), headquartered in Aarhus following a 2025 relocation from Foulum. Founded in 1915, the bank operates a relationship-banking model ("relationsbank") through 20+ branches across Denmark complemented by netbank and mobilbank digital channels, serving private individuals, small and medium enterprises, large corporates, agricultural customers, associations, and a dedicated Private Banking segment. Its product surface spans deposits, lending (mortgages via Totalkredit partnership plus proprietary Boliglån, Prioritetslån, Klima BIL/Klima BOLIG green loans), pensions (Ratepension, Aldersopsparing, Livrente), insurance brokerage (Købstædernes Forsikring and Nærpension), investment products (Investeringskonto FRI, Aktiesparekonto, Puljeinvestering, Eksklusiv Formuepleje, Investpleje Frie Midler, Lokal Puljeinvest, BankInvest Optima), payment cards (Visa/Dankort, MasterCard with Apple Pay/Google Pay/Garmin Pay/MobilePay tokenization), and ancillary services including estate administration, legal-document partnership, foreign exchange, and international trade services.

The underlying technology stack is built on BEC Financial Technologies core-banking infrastructure (recently sold to Nykredit, triggering a guidance upgrade), with standard card and digital-wallet integrations rather than proprietary AI/ML systems. The revenue model is dominated by net interest income from a lending portfolio that grew to 8.95 billion DKK in 2025 (+15.1% YoY) and 9.7 billion DKK in Q1 2026 (+22.4% YoY), supplemented by fee income from accounts, transactions, investment distribution, and insurance brokerage commissions; combined net interest and fee income reached 810.1 million DKK in 2025 (+2.6% YoY). Pre-tax profit was 272.9 million DKK in 2025 (down 23% from 354.6 million DKK in 2024) and only 24.3 million DKK in Q1 2026 (down 69.5% YoY) due to strategic investments in advisory-center expansion and HQ relocation, with full-year 2026 guidance of 210-260 million DKK.

Go-to-market is sales-led and relationship-driven, with a tiered customer program (Ung, Kunde, Fordelskunde, Fordelskunde Plus) that rewards product consolidation with preferential pricing. Marketing combines content (website, blog, email), organic social (Facebook, LinkedIn), earned media (press releases via GlobeNewswire), and direct advisor relationships. The bank is regulated by Finanstilsynet (Danish Financial Supervisory Authority), is subject to PSD2 third-party access obligations, and has received a supervisory diamond risk notification for lending growth exceeding regulatory limits.

Name

Danske Andelskassers Bank

Legal name

Danske Andelskassers Bank A/S

Website

https://andelskassen.dk

Company type

Public

Founded year

1915

Operating status

Operating

Headcount range

251–500 employees

Short description

Danske Andelskassers Bank A/S is a publicly listed Danish cooperative retail bank (Nasdaq Copenhagen: DAB) operating through 20+ branches and digital channels, serving private individuals, SMEs, agricultural, and Private Banking customers with deposits, mortgages, lending, pensions, investments, and insurance brokerage.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Depository Credit Intermediation (5221), Portfolio Management and Investment Advice (523940), Trust, Fiduciary, and Custody Activities (523991)

SIC

Loan Brokers (6163), Mortgage Bankers & Loan Correspondents (6162), Investment Advice (6282)

akta.pro primary industry

Private Banking Advisory & Discretionary Portfolio Management (FSABADAD)

Keywords

• Retail banking services
• Mortgage lending
• Investment management
• Pension planning
• Business banking

Headquarters

HQ city

Foulum

HQ country

Denmark

HQ region

Europe

Offices21 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Net Interest Income: Interest income from lending activities including mortgages, consumer loans, and business loans. Lending portfolio grew 15.1% to 8.95 billion DKK in 2025
2. Fee Income: Fees from account management, transactions, investment services, insurance brokerage, and advisory services. Combined with net interest income reached 810.1 million DKK in 2025 (2.6% increase)
3. Investment Products: Distribution of investment funds (BankInvest Optima, Sparinvest, Local Puljeinvest) with ongoing advisory fees and potential distribution commissions
4. Insurance Brokerage: Commission income from insurance products distributed through Købstædernes Forsikring and Nærpension partnerships

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Danske Andelskassers Bank A/S is a Danish relationship bank offering retail and business customers a comprehensive suite of banking products: deposit and savings accounts, mortgage and consumer lending (including green Klima loans), investment solutions (automated Investeringskonto FRI and discretionary portfolio management), pension products (Ratepension, Aldersopsparing, Livrente), insurance brokerage (property/casualty and personal risk), payment cards with mobile/wearable integrations, and a Private Banking wealth management service. Distribution runs through 20+ Danish branches, netbank/mobilbank digital channels, and partnerships with Totalkredit, BankInvest, Sparinvest, Købstædernes Forsikring, and Nærpension.

Product overview

Andelskassen (Danske Andelskassers Bank A/S) is a Danish cooperative retail bank operating as a multi-product, multi-channel platform. Its consumer offering is organized around Kundeprogram Privat — a tiered programme (Ung, Kunde, Fordelskunde, Fordelskunde Plus) providing progressive benefits — alongside a separate Private Banking sub-brand. The core product portfolio spans: (1) Investment products (Andelskassen Investeringskonto FRI, Aktiesparekonto, Puljeinvestering, Eksklusiv Formuepleje, Investpleje Frie Midler, Lokal Puljeinvest, Investeringsaftale Optima) combining automated and advisory management; (2) Mortgage and housing finance via Totalkredit partnership plus proprietary Boliglån, Prioritetslån, Klima BOLIG, and Klima BIL green loans; (3) Pension products (Ratepension, Aldersopsparing, Livrente); (4) Insurance distributed through Købstædernes Forsikring (skadesforsikring) and Nærpension (personforsikring); (5) Savings accounts (Opsparing Flex, Klima Opsparing, Spar' Op, Konfirmationskonto, BoligKLAR); (6) Payment cards (Visa/Dankort, MasterCard) with mobile and wearable payment integrations (Apple Pay, Google Pay, Garmin Pay, MobilePay); and (7) Ancillary services including estate administration (Bobehandling), legal document partnership (Replik), foreign exchange, and international trade services. Business customers access a separate offering with Strategihjul advisory framework, leasing, corporate pension, and payment services.

Differentiator

Problem solved

Functional benefit

Brands

• Klima BIL: Financing and insurance product for new electric or hybrid vehicles at competitive rates
• Klima BOLIG
• BoligKLAR
• Andelskassen Investeringskonto FRI

Products and services

• Andelskassen Investeringskonto FRI Automated investment savings account that invests deposits into diversified funds (equities, government bonds, mortgage bonds, corporate bonds) without custody fees or brokerage commissions; automatic reinvestment and tax reporting handled by the bank. Target customers are private individuals seeking low-effort, diversified investing.
• Aktiesparekonto Tax-advantaged share savings account for private investors taxed at 17% on gains (vs 27-42% standard rate), with a 2026 maximum deposit of 174,200 DKK and no custody or brokerage fees when paired with BankInvest Optima funds.
• Puljeinvestering Pooled investment product for pension or children's savings, professionally managed, offering simplified and efficient investing across pooled funds for private customers.
• Eksklusiv Formuepleje Premium discretionary portfolio management service using a pre-agreed strategy mixing individual equities and investment fund units, tailored to high-net-worth private banking clients.
• Investpleje Frie Midler Discretionary investment management service for liquid assets, primarily using investment fund units, managed according to an agreed risk profile for private customers.
• Investeringsaftale Optima (BankInvest) Family of investment funds investing across hundreds of carefully selected equities and bonds globally, offered through BankInvest and available as sustainable variants for private customers.
• Lokal Puljeinvest Co-investment pooled investment product managed by professional specialists, enabling customers to invest simply and collectively alongside others.
• Ratepension Deferred annuity pension product with a flexible payout period of 10-30 years, up to 68,700 DKK annual contribution (2026), and full income tax deduction on contributions.
• Aldersopsparing Lump-sum or instalment retirement savings product with annual contribution limits of 9,900 DKK (more than 7 years to retirement) or 64,200 DKK (within 7 years), and tax-free payout on retirement.
• Livrente (Livslang Pension) Lifetime annuity providing guaranteed monthly payments for as long as the policyholder lives, with full tax deductions on contributions and 15.3% tax on investment returns.
• Totalkredit (realkreditlån) Mortgage lending product distributed via the Totalkredit partnership, offering up to 80% loan-to-value on owner-occupied homes with 5% down payment and various fixed and adjustable-rate options.
• Boliglån Variable-rate bank loan covering the gap between the 80% real mortgage ceiling and the 5% down payment requirement, usable for purchase, renovation, or other housing costs.
• Prioritetslån Bank loan that can be combined with a deposit account, where deposits offset the loan balance to reduce interest costs.
• Klima BOLIG Green home improvement loan with favourable interest rates for energy efficiency upgrades such as heat pumps, windows, and insulation.
• Klima BIL Financing and insurance product for new electric or plug-in hybrid vehicles at competitive rates and favourable terms.
• Fyr dit fyr-lån Preferential loan for replacing gas or oil-fired boilers with greener heat pump solutions.
• BoligKLAR Savings programme helping customers aged 18-35 accumulate a down payment for their first home, with matching savings toward home purchase financing.
• Skadesforsikring (via Købstædernes Forsikring) Property and casualty insurance products (home, car, contents, travel) distributed through the Købstædernes Forsikring partnership, covering risks such as fire, theft, and liability.
• Personforsikring (via Nærpension) Personal risk insurance products including life insurance, child insurance, critical illness cover, income protection, and health insurance, offered through the Nærpension partnership.
• Lønsikring Income protection insurance supplementing unemployment benefits, covering up to 80-90% of salary with monthly payouts of 1,000-50,000 DKK for 6 or 12 months, including job search assistance.
• Opsparing Flex Flexible savings account with an attractive interest rate, unlimited deposits, and a 6-month notice period for withdrawals.
• Klima Opsparing Goal-based savings account with favourable rates for energy-efficient purposes such as home improvements or electric/hybrid vehicle purchases.
• Spar' Op Savings account for children and young people aged 0-17 with a variable interest rate and no payment card attached.
• Konfirmationskonto Savings account for confirmation in 2026, paying 2.00% interest on the first 25,000 DKK, converting to Spar' Op Ung on 1 January 2027.
• Visa/Dankort Dual-brand debit card combining the national Dankort (domestic) and Visa (international) networks, with optional custom card design.
• MasterCard International credit/debit card accepted at over 24 million locations worldwide, with optional custom design.
• Apple Pay Contactless mobile and wearable payment solution via iPhone and Apple Watch, using tokenized Visa/Dankort and MasterCard credentials.
• Google Pay Contactless mobile payment solution for Android devices, enabling in-store and online payments using tokenized card credentials.
• Garmin Pay Contactless payment solution for Garmin smartwatch devices, allowing payments without smartphone or wallet.

Quantifiable outcome

• Lending portfolio grew 15.1% to 8.95 billion DKK in 2025
• +3 more outcomes

Named customers3 records

Segments8 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• TotalkreditcoreChannel Partner/ Reseller/ DistributorAndelskassen partners with Totalkredit for mortgage lending products. The partnership enables customers to access real estate financing with competitive rates, with Andelskassen acting as intermediary and advisor.
• Købstædernes ForsikringcoreChannel Partner/ Reseller/ DistributorInsurance distribution partnership offering property, casualty, and casualty insurance products. Andelskassen customers receive exclusive benefits including 0% deductible when unemployed, 5,000 DKK for children's fractures, and 10% discount on all insurance products.
• NærpensioncoreChannel Partner/ Reseller/ DistributorAndelskassen offers personal insurance products (life, health, critical illness, income protection) through Nærpension, providing coverage against death, illness, and loss of earning capacity.
• ReplikminorChannel Partner/ Reseller/ DistributorLegal services partnership offering Andelskassen customers 25% discount on legal documents including wills, power of attorney, marriage contracts, and estate planning services.
• BankInvestcoreChannel Partner/ Reseller/ DistributorInvestment fund distribution partnership offering Optima sustainable investment funds, local pool investments, and managed accounts. No custody fees or commissions for Aktiesparekonto investments.
• SparinvestminorChannel Partner/ Reseller/ DistributorInvestment fund distribution partnership offering sustainable investment products with ESG screening and exclusion policies for weapons, coal, and oil sand.
• NemValuta (Loomies)minorChannel Partner/ Reseller/ DistributorCurrency services partnership enabling customers to order ~30 different currencies for delivery to pickup points. Andelskassen facilitates access to the service.
• LEI ServiceminorGTM or Marketing PartnerLegal Entity Identifier registration service partnership offering Andelskassen customers 20% discount on new LEI code registrations required for securities trading.
• Young MoneyminorChannel Partner/ Reseller/ DistributorFinancial education platform for children and youth to learn about money management and develop healthy financial habits from an early age.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Nykredit: Denmark's largest mortgage and banking group. Strategic partner (post-BEC acquisition) and effectively a competitor in mortgage origination, investment products and broader retail finance.
• Danske Bank: Denmark's largest universal bank. Comparable across personal banking, mortgages, investments, pensions and insurance, though operating at a vastly larger scale and competing primarily on product breadth and digital scale.
• Jyske Bank: Major Danish universal bank offering retail, SMB and wealth services nationwide. Overlaps directly with Andelskassen in personal banking, mortgages and investments, but operates at significantly larger scale and competes on both price and relationship.

Direct peers

• Skjern Bank: Small Danish regional bank with traditional retail and SMB focus. Comparable in terms of scale, customer segments served, and breadth of lending/deposit offering.
• Lollands Bank: Small Danish retail and SMB bank listed on Nasdaq Copenhagen. Comparable on size, public-market governance, relationship-led GTM and Danish-only operating geography.
• Nordjyske Bank: Small Danish regional bank with a similar focus on personal banking, business customers and local advisory. Direct overlap on segment coverage, product scope and Denmark-only geographic footprint.
• Spar Nord Bank: Mid-sized Danish retail bank operating through a broad branch network with strong presence outside the major cities. Direct competitor on personal banking, mortgages, and business advisory for SMBs.
• Ringkjøbing Landbobank: Danish regional retail bank with a similar relationship-led, branch-supported model focused on private and SMB customers. Highly comparable on product breadth, geographic concentration in Denmark, and customer-segment focus.
• Vestjysk Bank: Small-mid Danish regional bank with a similar community-banking and agricultural-lending orientation. Closely comparable on size, segment mix and the relationship-banking differentiator.
• Nordfyns Bank: Small Danish regional bank with a similar relationship-banking approach for private and SMB customers. Closely comparable on branch-supported service model and product scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/andelskassen
• LinkedInlinkedin.com/company/danske-andelskassers-bank-a-s

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Danske Andelskassers Bank