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Danske Bank CEO resigns in investigation of Dutch laundry allegations

(Bloomberg)-Danske Bank A / S as CEO after a Dutch money laundering survey involved former ABN AMRO Bank NV executives, complicating efforts by Danish lenders to overcome their scandals. It replaced Vogelzan. It will operate Denmark’s largest bank within two years and will replace Danske’s head of risk management, Carsten Egeriis. The move came after Dutch authorities named Vogelzan “a suspect in an investigation into a possible violation of Dutch law related to the prevention of money laundering at ABN AMRO.” Authorities “. “I am pleased with the fact that I left ABN AMro over four years ago and managed my CEO with integrity and dedication. My position as a suspect does not mean that I will be prosecuted. Vogelzang joined in 2019 to help banks organize their conduct, comply with the law and restore their image as a transparent institution. The Dutch, CEO of UBS Group AG. Ralph Hammers also faced a long Dutch court battle over his role in the money laundering scandal while he was head of ING Groep NV. The former ABN banker who runs Danske said He said he knew nothing about the Dutch case. In another statement on Monday, the Dutch prosecutor’s office accused ABN of violating the Money Laundering Prevention Act for years, Vogelzan said. At ABN AMRO Bank, he was responsible for retail banking and private banking for eight years before resigning in early 2017 in the midst of management turmoil. Local media at the time was a natural candidate for Vogelzang to become CEO. He reported that he was considered a person, but was abandoned because the Dutch government, which owns more than half of ABN, wanted someone with a “social antenna.” “Moderate” first quarter after agreeing to pay € 480 million ($ 574 million) to end a Dutch investigation that found a “significant flaw” in the process of fighting money laundering We plan to record a loss. Money Laundering Millions of Payment History Danske became internationally famous in 2018, admitting that most of the € 200 billion ($ 240 billion) flow of non-residents passing through Estonian units was suspicious. I did. This concludes the career of a series of Danske executives, including former CEO Thomas Borgen, who was the subject of several investigations related to the incident. Borgen was initially replaced by Jesper Nielsen, who had risen in rank within Danske. Nielsen was later forced to leave the bank due to another scandal that turned out to be the lender misleading investment clients. “At that time, we really looked at everything and paid close attention to all the candidates we visited,” Danske Bank Chairman Karsten Divbad said in a telephone interview about Vogelzan’s recruitment. “That is, it’s almost obvious in the situation where Danske Bank was in place, so I have to say that I was surprised to see this situation today.” AP Moller Holding A / S, the largest shareholder of the Danish bank, said. In late 2018, it exerted influence to expel former Danske Chairman for failing to prevent a laundering scandal. CEO Robert Uggla said Vogelzang “has contributed significantly to Danske Bank’s turnaround. As a shareholder, I am grateful for his leadership and hard work.” Danske Bank’s transformation program and ROE target of 9-10% should remain on track, even though CEO Chris Fogelzan’s resignation has hit a break from the open scandal. Emphasize that the scandal threat is not over yet. Vogelzan has been replaced by former Chief Risk Officer Karsten Egeris in a Dutch prosecutor’s investigation into ABN AMRO’s money laundering breach. Financial Supervisory Guarantee that Egeriis can survive as CEO forever. Egeriis, who has been Chief Risk Officer for almost four years as a member of Danske’s business management team, said: Robin Rane, an analyst at Kepler Cheuvreux, called the development “unfortunate.” In my view, Vogelzang has the ability to lead banks through the current transformation. He also said there was “no doubt” that Egeriis was the “appropriate” alternative to Vogelzang. HamersCaseUBSCEOHamers is facing an investigation after being investigated by a Dutch prosecutor just one month after taking over in November. Expected to be dragged for a while. Switzerland’s largest bank addresses the risk that CEOs may be prosecuted for violating anti-money laundering and compliance rules while under the command of ING. A previous Dutch investigation into this issue ended in 2018 with ING responsible. Prosecutors said they could not find sufficient evidence of criminal accusations against ING’s individuals, including top management. Since then, Dutch prosecutors have been pressured not to hold individuals accountable for bank scandals. Financial activist Pieter Lakeman challenged ING’s decision, personally prosecuted Hamers, and ordered a judge to investigate. The December ruling investigating Hamers’ personal liability broadly outlined money laundering and compliance law violations as accusations against him, but the investigation may uncover from interviews with key figures, including Hammers. New information, and e-mails and other communications that were not part of the previous proceedings against ING, were said by well-known people in January. If the case is brought to justice, it only prolongs the matter and Hammers may be required to attend directly (adding the case against Hammers from paragraph 4 and commenting from paragraph 11). .. Subscribe now to to get the most trusted business news sources. © 2021 Bloomberg LP