Danske Bank CEO rejected calls to scale back Estonian business in 2013 – FT
14 Sep 2018

Danske Bank’s (DANSKE.CO) chief executive rejected calls in 2013 to scale back business at the bank’s Estonian branch, the Financial Times reported on Thursday.

The bank will on Sept. 19 publish the findings of an investigation into past activities in Estonia that could be one of the biggest money-laundering scandals in Europe.

At a meeting in October 2013, CEO Thomas Borgen was told by the head of business banking that the level of business at the bank’s non-resident portfolio in Estonia was higher than rivals’ and “needed to be reviewed and potentially reduced,” according to minutes of the meeting seen by the newspaper.

In response, the minutes said that Borgen “emphasised the need for a middle ground, and wanted to discuss this further outside of this forum,” the FT reported.

– By Teis Jensen, Reuters, 13 September 2018.

Link to Reuters.

You can claim CPD minutes for reading this article, by signing up to our CPD Wallet

FREE CPD Wallet
Must Read

Understanding EU anti-money laundering law: EU 4AMLD, EU 5AMLD, EU 6AMLD

In recent years the European Union has looked to flex its legislative muscle and come up with an array of laws aimed at cracking down on money laundering and terrorism financing. Key to its package are its various directives, which impact national laws, banking operations and other industries across… Read More

Banking: Curbing employee fraud and corruption with an effective KYE program

The banking system’s vulnerability to fraud, corruption and money laundering is once again a focal point of debate in the wake of recent disclosures by the Central Bank of Nigeria that major losses have been recorded by banks from armed robbery cases and other criminal activities amounting to N12bn… Read More