Danske Bank Expands Defense Loan Book to Dual-Use Firms as Ethical Concerns Fade

6 articles · Updated · Bloomberg · May 11

Danske Bank is increasing lending to Denmark’s defense sector and adding dual-use technology companies to its loan book, broadening financing beyond traditional military suppliers.
Johanna Norberg, the bank’s head of business customers, said the shift reflects how earlier ethical concerns around defense exposure have largely disappeared.
The Copenhagen-based lender now sees little controversy in backing the sector, with Norberg saying perceptions have moved in the opposite direction from resistance.
The move underscores a wider normalization of bank financing for defense-linked businesses as security priorities reshape capital allocation.

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