Hit or miss? Regulator rejects CEO candidate of scandal-hit Danske Bank
19 Oct 2018

Denmark’s banking regulator has turned down Danske Bank’s plans to appoint Jacob Aarup-Andersen as CEO, citing the need for someone more experienced to take on the position.

Denmark’s largest bank began to hunt for a new CEO after a multi-billon euro money laundering scandal highlighted serious compliance flaws conducted in its Estonia unit during the reign of CEO Thomas F. Borgen.

The bank was strongly attacked over its conduct and Borgen was forced to quit much sooner than planned this month.

This week Danske issued a statement explaining that its Board of Directors had asked the Danish Financial Supervisory Authority (FSA) for approval of Aarup-Andersen as new CEO, but that “the FSA’s preliminary assessment is that it considers the candidate well-qualified in many areas, but also finds that longer experience, including within certain of Danske Bank’s business areas, is needed.

“Danske Bank’s Board of Directors has noted the reply and has withdrawn the application. The Board will thus continue the search for a new CEO, and Jesper Nielsen will continue as Interim CEO until a permanent solution has been found,” Danske said.

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