23 April 2020
Danmarks Nationalbank has concluded an agreement to divest its shares in VP Securities to Euronext. Four other major shareholders have also entered into agreements to divest their shares. Final completion of the divestment is subject to approval by the authorities.
Danmarks Nationalbank has co-owned VP Securities since it was converted into a public limited company in 2000, and currently holds an ownership share of 24.2 per cent. Over the years, securities management in the EU has continuously been liberalised to create a European single market for securities services and boost competition.
Just like other financial enterprises, VP Securities is subject to an EU regulatory framework, and Danmarks Nationalbank monitors VP Securities as a so-called relevant authority. Danmarks Nationalbank is not the natural co-owner of a company exposed to competition which it monitors itself.
Euronext is a major European player in the sector and from a financial stability viewpoint, it has what it takes to develop VP Securities and thereby ensure harmonised and competitive securities management services in Denmark.
"Historically, Danmarks Nationalbank has co-owned several joint companies in the financial sector, with each shareholding having its own history. The role of Danmarks Nationalbank in this area is to act as the authority for and not the co-owner of commercial companies exposed to competition. For that reason, we have withdrawn from this type of companies in recent years," says Governor Hugo Frey Jensen, Danmarks Nationalbank.
Enquiries can be directed to press advicer Ole Mikkelsen on tel. +45 3363 6027.