Davis Polk advised the underwriters in connection with an underwritten rights offering of 232,934,758 ordinary shares of Danske Bank. Merrill Lynch International and Deutsche Bank AG, London Branch acted as joint bookrunners and Barclays Bank PLC, BNP Paribas, Morgan Stanley & Co. International plc and Nomura International plc acted as co-lead managers in the offering. Danske Bank acted as global coordinator and bookrunner. The offering raised gross proceeds of approximately DKK 20 billion (approximately US$3.8 billion) for Danske Bank. The offering included public offerings in Denmark, Finland, Germany, Norway, Sweden and the United Kingdom and private placements to institutional investors outside these countries, including private placements into the United States in accordance with Section 4(2)/Rule 144A and placements outside of the United States in accordance with Regulation S.

Based in Denmark, Danske Bank is the largest financial services provider in Denmark and one of the largest in the Nordic region. It also has significant operations in Northern Ireland, Ireland and the Baltics. Danske Bank provides a broad range of services including banking, mortgage finance, insurance, trading, leasing, real estate agency and investment management.

The Davis Polk corporate team included partner Jeffrey M. Oakes and associates Shih-Jern Liang, Phillip G. Sharp and Jennifer Poh (not yet admitted). Partner John D. Paton and associate Alon Gurfinkel provided tax advice. Angela Yeung was the legal assistant on the transaction. All members of the Davis Polk team are based in the London office.