Danske Bank chief Bor­gen quits

India Business Journal - - GLOBAL WRAP-UP -

Danske Bank's CEO Thomas Bor­gen has re­signed after an in­ves­ti­ga­tion re­vealed pay­ments to­talling $234 bil­lion through its small Es­to­nian branch, many of which the bank has said were sus­pi­cious. The Dan­ish bank de­tailed com­pli­ance and con­trol fail­ings amid grow­ing calls for a Euro­pean Union crack­down on fi­nan­cial crime after a se­ries of money laun­der­ing scan­dals which have at­tracted the at­ten­tion of US au­thor­i­ties.

Mr Bor­gen, 54, was in charge of Danske Bank's in­ter­na­tional op­er­a­tions, in­clud­ing Es­to­nia, be­tween 2009 and 2012. The bank has said that it has taken ac­tion against cur­rent and former staff and over­hauled sys­tems found to have failed.

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