Merkur - den Almennyttige Andelskasse
Mr Lars Pehrson
Vesterbrogade 40
DK-1620 København V
Denmark
Tel : 45-70 27 27 06
Fax : 45-70 27 57 06
Email: Merkur@merkur.dk
Web: www.merkur.dk
Last update : May 2010
Merkur is a co-operative bank, based on the ideas of conscious handling
of money on criteria that include environmental, social and ethical aspects
in addition to the financial considerations.
Background
The first steps towards the founding of 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 later became head. In 1999
another branch opened in Aarhus and finally in 2007 the last branch so far
opened in Odense. Merkur is now present in the 4 major cities of Denmark.
In addition Merkur has limited activities in Finland and in North Germany,
in cooperation with Trion Geldberatungs-Genossenschaft.
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 plus 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.
Activities
Merkur grants credit to the following types of projects:
Agriculture and Environment: organic farming, organically
produced food, distribution of organic products, alternative and renewable
energy, green technology.
Educationand culture: Independent 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.
A new (2009) separate entity, Merkur Development Loans Ltd, grants
loans to SME’s and cooperatives in developing countries, working with
sustainable production and trade.
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 the financing of a number of large 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
2009
2008
2007
2006
2005
Net interest incomes
7.7
6.0
5.0
4.1
3.8
Net interest and fee income
9.1
7.2
6.2
5.2
4.8
Total expenses
7.2
5.8
4.7
4.0
3.7
Provision
for bad and doubtful debts
1.7
0.6
0.1
0.4
0.2
Profit before Taxation
0.6
0.9
1.4
0.6
0.9
Net Profit
0.4
0.7
1.3
0.5
0.7
Total deposits
157.3
118.0
103.3
86.8
77.4
Total loans
134.2
120.4
96.9
70.0
57.5
Balance
sheet total
201.1
156.7
132.8
113.1
101.5
Guarantees
54.7
47.6
55.2
50.2
42.2
Total net
capital
21.9
20.6
18.3
15.4
12.8
Equity capital and
subordinated
capital
25.9
24.3
18.8
15.8
13.2
BIS ratio (%)=Total capital to
total assets ratio - BIS= Bank for International Settlements