Danske Bank CE Chris Vogelzang quits after being named in bank probe
‘I do not want speculations about my person to get in the way of the continued development of Danske Bank," Vogelzang says
19 April 2021 - 10:53
byNikolaj Skydsgaard
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Copenhagen — The CEO of Denmark’s Danske Bank resigned on Monday after Dutch authorities named him as a suspect in an investigation into violations of money-laundering regulations at lender ABN Amro.
Chris Vogelzang, who held some senior positions at Amsterdam-based ABN Amro between 2000 and 2017, said he was surprised by the Dutch authorities' decision, adding that his status as a suspect did not imply that he would be charged.
"However, given the special situation Danske Bank is in and the intense scrutiny the bank is under ... I do not want speculations about my person to get in the way of the continued development of Danske Bank," Vogelzang said.
Vogelzang took the helm of Danske Bank in June 2019 with the job of steering Danske through one of the world's biggest money-laundering scandals, which involved €200bn in suspicious transactions passing through its Estonian branch between 2007 and 2015.
He was tasked with rebuilding investor and customer trust in the lender, which is still being investigated by authorities in Denmark, the US, Estonia and France.
Separately, Dutch bank ABN Amro said on Monday it had reached a €480m settlement with prosecutors in the Netherlands over money-laundering allegations, which will affect its first-quarter results.
"It is super unfortunate that it's once again money laundering that this is related to. It's almost embarrassing," Jyske Bank analyst Anders Haulund Vollesen told Reuters about Vogelzang being named as a suspect and resigning.
However Vogelzang made strides to clean up Danske Bank and the lender is starting to deliver on its 2023 plan to improve the business and reduce costs, Vollesen said.
"He has succeeded, but he does not get to see the fruits of his labour."
Danske shares were down 1.2% in early-morning trade.
Danske chair Karsten Dybvad said the lender was very sorry to see Vogelzang leave.
"He has been instrumental in the initiation of the ongoing transformation of Danske Bank and the progress and results it has already created," Dybvad added.
Carsten Egeriis, Danske's chief risk officer for the past four years, will take over as CEO effective immediately, Danske said.
Danske board member Gerrit Zalm, Vogelzang's former boss at ABN Amro, has also resigned, the bank also said on Monday.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Danske Bank CE Chris Vogelzang quits after being named in bank probe
‘I do not want speculations about my person to get in the way of the continued development of Danske Bank," Vogelzang says
Copenhagen — The CEO of Denmark’s Danske Bank resigned on Monday after Dutch authorities named him as a suspect in an investigation into violations of money-laundering regulations at lender ABN Amro.
Chris Vogelzang, who held some senior positions at Amsterdam-based ABN Amro between 2000 and 2017, said he was surprised by the Dutch authorities' decision, adding that his status as a suspect did not imply that he would be charged.
"However, given the special situation Danske Bank is in and the intense scrutiny the bank is under ... I do not want speculations about my person to get in the way of the continued development of Danske Bank," Vogelzang said.
Vogelzang took the helm of Danske Bank in June 2019 with the job of steering Danske through one of the world's biggest money-laundering scandals, which involved €200bn in suspicious transactions passing through its Estonian branch between 2007 and 2015.
He was tasked with rebuilding investor and customer trust in the lender, which is still being investigated by authorities in Denmark, the US, Estonia and France.
Separately, Dutch bank ABN Amro said on Monday it had reached a €480m settlement with prosecutors in the Netherlands over money-laundering allegations, which will affect its first-quarter results.
"It is super unfortunate that it's once again money laundering that this is related to. It's almost embarrassing," Jyske Bank analyst Anders Haulund Vollesen told Reuters about Vogelzang being named as a suspect and resigning.
However Vogelzang made strides to clean up Danske Bank and the lender is starting to deliver on its 2023 plan to improve the business and reduce costs, Vollesen said.
"He has succeeded, but he does not get to see the fruits of his labour."
Danske shares were down 1.2% in early-morning trade.
Danske chair Karsten Dybvad said the lender was very sorry to see Vogelzang leave.
"He has been instrumental in the initiation of the ongoing transformation of Danske Bank and the progress and results it has already created," Dybvad added.
Carsten Egeriis, Danske's chief risk officer for the past four years, will take over as CEO effective immediately, Danske said.
Danske board member Gerrit Zalm, Vogelzang's former boss at ABN Amro, has also resigned, the bank also said on Monday.
Reuters
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