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Last update : April 2009
Merkur is based on the ideas of conscious handling of money on criteria that include environmental, social and ethical aspects in addition to the financial considerations. Andelskasse means Co-operative Bank.
Background
The first steps towards the founding of the Merkur were
taken in 1982 with the forming of a credit union. In 1985 Merkur merged with
another independent initiative to form the Co-op Bank, and received a
banking license. Merkur opened its first office in 1985 in Aalborg. In 1992
Merkur opened a branch in Copenhagen (which became head office from 2004),
in 1999 in Aarhus and finally 2007 in Odense. Merkur is then present in the
4 major cities of Denmark.
In addition Merkur has limited activities in North Germany, in cooperation
with Trion Geldberatungsgenossenschaft, and in Finland.
Structure
About a fourth of the clientele are shareholders. The
Board of Directors is composed of 6 members elected by shareholders and 3
members elected by the staff. The day to day management consists of two
executive managers, Lars Pehrson, CEO, and Asbjorn Andersen, CFO + a group
of 4 branch managers.
Shares are denominated in EUR as well as DKK and two types of shares are
available: A-Shares without any dividend and B-shares with an annual value
adjustment in accordance with the financial results of Merkur. Shares are
issued open end, as a consequence of the cooperative structure. A Danish
prospectus is available.
Activities
Merkur grants credit to the following types of projects:
- Agriculture and Environment: organic farming, organically produced food, distribution of organic products, alternative energy, green technology.
- Education and culture: Free schools, nurseries, adult education, study loans, cultural projects.
- Health Care and Social Responsibility: Institutions and houses for mentally deficient people, projects for disadvantaged people etc.
- Village communities: projects striving towards a wholeness in housing, energy, farming, social life etc..
- Fair trade financing with lending to co-operatives and other producers in the developing countries through order based pre financing credits. The funding base is a specific risk bearing deposit account.
It is possible for depositors to target their deposits to one of the above mentioned groups of projects, or even to a specific project. The depositor may also make a donation by accepting a rate of interest lower than the market rate.
Co-operation with other INAISE members
- Merkur cooperates with the Scandinavian colleagues Cultura (Norway) and Ekobanken (Sweden), i.a. on financing of bigger projects in Norway and Sweden.
- Merkur cooperates with the Triodos Group in the investment field. Triodos international investment funds are sold in Denmark through Merkur. Triodos is also involved in financing of bigger Danish projects.
- Merkur cooperates with GLS Bank, Germany, on financing of bigger Danish projects.
- Merkur is a co founder of Institute for Social Banking
Key Figures
In mio.Euro |
2004 | 2005 | 2006 | 2007 | 2008 |
| Net interest incomes | 3.8 | 3.8 | 4.1 | 5.0 | 6.0 |
| Net interest and fee income | 4.6 | 4.8 | 5.2 | 6.2 | 7.2 |
| Total expenses | 3.5 | 3.7 | 4.0 | 4.7 | 5.8 |
| Provision for bad and doubtful debts | 0.4 | 0.2 | 0.4 | 0.1 | 0.6 |
| Profit before Taxation | 0.5 | 0.9 | 0.6 | 1.4 | 0.9 |
| Net Profit | 0.4 | 0.7 | 0.5 | 1.3 | 0.7 |
| Total deposits | 63.9 | 77.4 | 86.8 | 103.3 | 118.0 |
| Total loans | 54.0 | 57.5 | 70.0 | 96.9 | 120.4 |
| Balance sheet total | 86.0 | 101.5 | 113.1 | 132.8 | 156.7 |
| Guarantees | 23.9 | 42.2 | 50.2 | 55.2 | 47.6 |
| Total net capital | 11.1 | 12.8 | 15.4 | 18.3 | 20.6 |
| Equity capital and subordinated capital | 11.8 | 13.2 | 15.8 | 18.8 | 24.3 |
| BIS ratio (%)=Total capital to total assets ratio - BIS= Bank for International Settlements | 14.6 | 13.0 | 12.8 | 12.1 | 17.5 |
| Number of customers | 9 788 | 10 490 | 11 026 | 11 976 | 13 696 |
| Number of shareholders | 2 062 | 2 118 | 2 370 | 2 558 | 2 829 |
| Number of deposit accounts | 13 405 | 14 693 | 16 087 | 17 956 | 21 550 |
| Number of staff | 34 | 38 | 41 | 42 | 50 |
