Area served Greenland Website www.banken.gl Founded 1967 | Products Banking Headquarters Denmark | |
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Key people Martin Kviesgaard (CEO) Stock price GRLA (CPH) DKK 643.00 +9.00 (+1.42%)1 Mar, 4:38 PM GMT+1 - Disclaimer | ||
The Bank of Greenland (Danish: GrønlandsBANKEN) is the only local commercial bank in Greenland, listed on the Copenhagen Stock Exchange as GRLA, with 2,700 shareholders in 2010. Headquartered in Nuuk, the bank had 215 employees in 2010.
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History
The Bank of Greenland was founded on 26 May 1967 by a number of Danish banks, during the era when Greenland was still a province of Denmark. The founding banks were Privatbanken, Danske Bank, Kjøbenhavns Handelsbank, and an organization of local banks, provincial and Copenhagen-based. Operations started in Nuuk on 1 July 1967, while local branches in Ilulissat, Sisimiut, and Qaqortoq 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 Bank Nordic, which has its headquarters on the Faroe Islands, established itself as a competitor with an office in Nuuk, Greenland (Bank Nordic also has offices in the Faroe Islands and Denmark).
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 20,000 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 offices in the Pilersuisoq all-purpose stores.