13 May 2019
Danske Bank hired former ABN AMRO banker Chris Vogelzang as its new chief executive on Friday as it wrestles to limit the fallout from its involvement in one of the biggest money laundering scandals.
Denmark’s biggest lender is being investigated in Denmark, the United States, Britain and the Baltics after revealing that 200 billion euros ($224 billion) in suspicious transactions passed through its Estonian branch between 2007 and 2015.
Among the challenges facing Vogelzang, who was on the management board of Dutch bank ABN AMRO until 2017, are rebuilding investor and customer trust and keeping Danske Bank focused during the myriad inquiries into its conduct.
“In (the) short term, I don’t think he will make big strategic changes because the bank has shown it knows where it wants to go and is succeeding with its strategy,” Sydbank analyst Mikkel Emil Jensen said of Vogelzang.
“His focus will be on re-establishing trust.”
By Jacob Gronholt-Pedersen and Stine Jacobsen, Reuters, 10 May 2019
Read more at Reuters
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