Renowned Danish banking and shipping director Poul Johan Svanholm has died at the age of 88.

The businessman counted legendary AP Moller-Maersk patriarch Maersk Mc-Kinney Moller as a personal friend and was a board member of the Danish shipowner between 1978 and 2010.

Towards the end of this period, he was deputy chairman.

Svanholm was also chairman of Danish lender Danske Bank between 1983 and 2003.