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Employees surprised by merger: I thought a celebration of our good results was in store

As it turned out, the management had a merger up their sleeve when calling a morning meeting at Rødding Hotel. The employees of both savings banks had not seen it coming, and that included Senior Union Representative Susanne Steiner.

28. Aug 2023
3 min
English / Dansk

“We’ve been told that necessity isn’t the reason – and that is also very clear from both banks’ excellent financial results. The reason is that we’ll be stronger united.”

Susanne Steiner, Senior Union Representative at Frøs Sparekasse, was somewhat frustrated, but not worried, when her holiday in Skagen was suddenly interrupted last week by an invitation to a meeting.

“I actually thought I was invited to celebrate our excellent interim results when I got the request to attend the morning meeting at the hotel.”

But the meeting was about a planned merger between Frøs Sparekasse and Broager Sparekasse, a merger intending to make the savings banks stronger together in a time of increasing financial regulation. The two savings banks have about 160 and 60 employees, respectively, spread over 11 branches with the Frøs logo, and 4 with the Broager logo.

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 “We have been told that there is room for everyone in the merger”, says Susanne Steiner, who hasn’t had time to contact all her colleagues yet because of her holiday.

Some had guessed that it had to be a merger that was in store.

And she has sat through many mergers herself:

“Right now this is a big thing for the employees, but in my experience, it will taper off quickly, and you will find your feet in the new situation. Luckily, we are using the same IT systems.”

It has to sink in first

At Broager Sparekasse, Union Representative Trine Johannsen Beck has been on the road talking to many of her colleagues working at the various branches.

“We need to let the news sink in first because we didn’t see it coming. And I don’t think any of us would have guessed it to be Frøs”.

The two savings banks have branches in close proximity in several places in Denmark.
“People are obviously speculating where they are going to be working and with whom.”

The merger took Trine Johannsen Beck by surprise.
It means a lot that we join forces under a new name. It makes us equal. It would have been an entirely different feeling if we were to be included in Frøs”.
- Trine Johannsen Beck, Union Representative, Broager Sparekasse

Name change is an advantage

Trine Johannsen Beck points out that it is an advantage that the savings banks are changing name to Sydjysk Sparekasse.

“It means a lot that we join forces under a new name. It makes us equal. It would have been an entirely different feeling if we were to be included in Frøs”.

She generally sees that people are confident and believe that a good and strong savings bank will come of it:

“We basically want the same, but of course there will be cultural differences and many pieces to put together.”

“Right now, the employees will have to wait for the merger to be adopted finally before they can get answers to their most important questions related to their own workday”, says the union representative.

“You know what your job is like now, but not how it is going to be. We know that everyone will be on board the merger. But changes are inevitable, so it consumes us a lot right now. However, there is also a lot to look forward to, and some see opportunities for themselves in the merger.”


The new Executive Board

The Executive Board of Sydjysk Sparekasse will consist of Max Hovedskov from Frøs Sparekasse continuing as CEO. Lars Christensen, presently the CEO of Broager Sparekasse, becomes Managing Director.

As deputy chief executives, the board will have Susanne Harboe Jensen from Frøs Sparekasse and Morten Vestergaard from Broager Sparekasse.

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