Arbejdernes Landsbank (lit. 'National Workers Bank') was a Danish bank founded in 1919 with approximately 250,000 customers and 1,075 employees.[2] In 2016, it was the 7th largest bank in Denmark.[3] As of 2014 the bank has 70 branches in Denmark.
History
The bank was founded by Danish trade unions, the Social Democrats and Arbejderkul (union of coal workers) with an initial capital of DKK 2 million, most of which was pledged by Arbejderkul, who were particularly powerful after performing a crucial role in securing Denmark's energy supply during World War I.[4] Although the bank was officially a public company, the shares could not be listed and remained with the labour movement. In practice the bank operated as a cooperative.
During the Great Depression, major shareholder Arbejderkul ran into trouble and the trade union federation joined the ownership of the bank. In the 1960s the bank went through a major growth period, attracting new private customers and many independent branches were opened throughout Denmark. [5]