The Strategist

Danske Bank's Head resigns because of money laundering scandal in Estonia

09/19/2018 - 15:41

Thomas Borgen, CEO of Danske Bank, acknowledged imperfection of the credit institution's internal control systems and resigned. This decision coincided with publication of the results of the investigation of money laundering through the Estonian branch.

Since the investigation did not find fault with Thomas Borgen, who has been heading the bank in 2013; he will continue to serve as CEO of Danske Bank until he finds a successor.

"Obviously, Danske Bank has not coped with the responsibility for alleged money laundering in Estonia. I deeply regret this, although it follows from the investigation of an external law firm that I have carried out my legal duties, I am sure that it will be it's better if I resign for all parties there," Borgen said in a press release from the bank.

The top manager noted that as the Chief Executive he is responsible for everything that happens in the bank.

"It has been for some time now that it is clear that resignation is the right thing to do, but I postponed this decision because I felt it was my responsibility to lead the bank through this difficult period to publicize the results of the investigation," he said.


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