Malene Christensen: This is how the Bank of Greenland creates value with a local presence in Greenland

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For the Bank of Greenland, the vision “For the benefit of Greenland” is much more than a slogan. With almost 60 years of presence in the country, the bank distinguishes itself through strong local roots, where the employees are not just advisers, but an integrated part of the local community. For private customer director Malene Christensen, it is precisely the will to understand one’s fellow human beings and the willpower to develop the country that is the driving force

Malene Christensen has recently celebrated her 25th anniversary at the Bank of Greenland, but her path to the director’s chair was anything but planned. Actually, her big dream was to become a police officer in her hometown of Sisimiut, and to build a bridge to the entrance exam, she applied for a temporary job as a bank teller. In the beginning, the machine-printed work with deposits and withdrawals was not a great passion, but a far-sighted boss spotted her potential and strongly encouraged her to train as a consultant.

That she ended up going “all-in” on her career in the financial sector is not surprising if you know her background. As a child of Danish parents in Sisimiut, she quickly taught herself to speak and understand Greenlandic. When, as a child, she asked her mother for help in translating the words of her playmates, the answer was short and sweet: “You have to find out for yourself”.

The inherent dedication and strong independence showed itself again when, as a mere 14-year-old, she moved back to Sisimiut alone, after the family had previously moved to Denmark. Missing the relationships and the feeling of “belonging” in Greenland trumped everything. This insistent willpower still characterizes her today – not least when she gets up at 4.30 in the morning to do fitness and crossfit seven to nine times a week.

The courage to go against the grain: the Aasiaat model

The Bank of Greenland’s dedication to being physically present where the customers are stands in stark contrast to the trend in Denmark, where bank branches are closing in a big way. When the bank was considering expansion a few years ago, they launched a trial operation: for a whole year, two advisers traveled once a month to Aasiaat to uncover the potential for a physical branch. The experiment quickly proved to be a great success and it was decided to open a permanent branch.

Malene, who had just completed her finance degree, jumped into it and became a branch manager in Aasiaat – a place she had never been before and with no previous management experience. She took care of finding premises herself, bought a home for the bank, recruited employees and established the branch from scratch. The initiative illustrates the Bank of Greenland’s unique position as a Greenlandic-owned company that dares to bet on the coast and invest in the physical, local relationship.

Deep local knowledge – and genuine humility

Precisely because the bank is present from north to south with five coastal branches in addition to the head office in Nuuk, you have a thorough understanding of the customers’ very different reality. There is a huge difference between the conditions of the dinghy fishermen in Ilulissat and the daily life of the sheep farmers in South Greenland.

The bank’s employees know the challenges because they live in the midst of them themselves, and the Bank of Greenland’s advisers are more than just bankers; they are neighbours, and they meet the customers down in Brugsen or at the local Kaffemik.

Having a large proportion of Greenlandic-speaking advisers creates enormous trust and strong relationships, which means that the customer does not have to start over with his story every time.

The close bond also requires a fundamental orderliness and humility in everyday life. Regardless of whether the bank gives a large grant or has to refuse, it is done with the utmost respect.

Because, as Malene emphasizes, you are often face to face with the customer in the local supermarket immediately afterwards, and therefore credibility is paramount to the bank’s work.

Anchoring in nature provides energy for the job

Although the bank’s head office is located in the country’s largest city, the relationship with the magnificent Greenlandic nature is a decisive foundation for the profit in everyday life. When Malene moved to Nuuk, she quickly felt the need to disconnect from the pulse and noise of the city. The solution was a boat and a cabin half an hour’s sail from Nuuk – quite deliberately without internet coverage, so that she could really relax. Being able to breathe right into your stomach out in the fresh nature, preferably followed by a warm portion of reindeer soup on a cold winter’s day, gives you deep calm and renewed energy to lead and make a difference for the bank’s many customers.

Development of own managers and social responsibility

Another cornerstone of the vision to benefit Greenland is the bank’s dedicated efforts to spot and develop local talent. Malene Christensen is incredibly proud to be the first woman in the role of private customer director and is delighted that the bank both wants and dares to invest in developing its own managers. Developing locally rooted leaders creates a credibility that outside competitors find very difficult to match.

The bank’s motto, “For the benefit of Greenland”, is about taking a social responsibility that extends far beyond the bottom line. This focus on responsibility is clearly seen when a large number of employees work on safety-creating projects such as the Night Owls, or when the bank’s advisors teach primary school children financial understanding.

It’s about sowing seeds that benefit society in the long term – like the joy of setting up a children’s savings account that opens doors for the young person to get an education. It is these meaningful rings in the water that form the very heart of the Bank of Greenland.

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