|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||10.85 - 11.08|
|52 Week Range||5.68 - 11.15|
|Beta (5Y Monthly)||1.60|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 12, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Apr 24, 2020|
|1y Target Est||27.59|
(Bloomberg) -- Danske Bank A/S is replacing Chris Vogelzang as its chief executive officer after the former ABN Amro executive became the target of a Dutch money-laundering investigation.Vogelzang, who had been CEO for less than two years at Denmark’s biggest bank, will be replaced by Danske’s head of risk management, Carsten Egeriis.The move follows a decision by Dutch authorities to name Vogelzang “a suspect in connection with their investigations of potential violations of Dutch legislation relating to the prevention of money laundering at ABN Amro,” Danske said in a statement.Danske is itself the subject of multiple investigations into money laundering in both the U.S. and Europe. Vogelzang had been brought on board in 2019 in an effort to help the bank clean up its act and rehabilitate its image as a law-abiding, transparent institution.“I am very surprised by the decision by the Dutch authorities,” Vogelzang said in the statement. “I left ABN Amro more than four years ago and am comfortable with the fact that I managed my management responsibilities with integrity and dedication. My status as a suspect does not imply that I will be charged.”Read: Dutch Prosecutor Finds Three Suspects in ABN Amro Criminal ProbeRead: Ex-ABN Banker Running Danske Says He Knows Nothing of Dutch CaseIn a separate statement on Monday, the Public Prosecution Service in the Netherlands accused ABN of breaching anti-money laundering laws for years. It said it was opening a criminal investigation into three people, whom it didn’t identify by name.At ABN Amro, Vogelzang had been head of retail and private banking for eight years until he left in early 2017 amid a string of management changes. Local media reported at the time that Vogelzang was seen by the bank as the natural candidate to become CEO, but ended up not getting the job because the Dutch government, which owns more than half of ABN, wanted someone with “social antennae.”History of LaunderingDanske gained international notoriety back in 2018, when it admitted that a large part of 200 billion euros ($240 billion) in non-residential flows through a unit in Estonia was suspicious. That ended the career of a string of Danske executives, including former CEO Thomas Borgen, who has himself been the target of several investigations linked to the affair.Borgen was initially replaced by Jesper Nielsen, who climbed the ranks within Danske. Nielsen was later forced to leave the bank due to a separate scandal in which the lender was found to have misguided investment clients.Read: Danske Fires Ex-Interim CEO Nielsen Due to OverchargingAccording to Monday’s statement, Vogelzang informed Danske’s board that he “wishes” to resign after news of the allegations surfaced. “We are very sorry to see Chris Vogelzang leave Danske Bank,” Chairman Karsten Dybvad said in the statement. “He has been instrumental in the initiation of the ongoing transformation of Danske Bank and the progress and results it has already created.”Robin Rane, an analyst at Kepler Cheuvreux, called the development “unfortunate. Vogelzang has been, in my view, competent in leading the bank through its current transformation.” He also said he has “no reason to doubt” that Egeriis is a “suitable” choice to replace Vogelzang.Dybvad said that Egeriis, who has been a member of Danske’s executive management team as chief risk officer for almost four years, “has had a pivotal role in our remediation efforts and in the strengthening of the risk area over the last years and not least in the bank’s handling of the corona crisis.”“The board is confident that he is the right person to lead the transformation that is already progressing well,” the chairman said.Aside from Vogelzang, Danske said Gerrit Zalm, a former ABN Amro CEO and an erstwhile finance minister of the Netherlands, was also stepping down from its board, effective today.(Adds details from statement, background)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
AMSTERDAM (Reuters) -Dutch bank ABN Amro on Monday said it had reached a 480-million-euro ($574 million) settlement with prosecutors in the Netherlands over money laundering allegations, which will impact its first-quarter results. ABN Amro said in a statement it had agreed to pay a fine of 300 million euros and 180 million euros as disgorgement reflecting "the seriousness, scope and duration of the identified shortcomings" in combating money laundering. The prosecution service said in a statement its investigation was ongoing and that three former board members, who it did not name, had been identified as suspects said to be "effectively responsible for violation" of the anti-money laundering act.
ABN AMRO accepted settlement offer in the anti-money laundering investigation in the Netherlands Today ABN AMRO Bank N.V. (ABN AMRO) announced that it has accepted a settlement offer from the Dutch Public Prosecution Service (DPPS) in connection with the previously announced investigation by the DPPS into ABN AMRO's compliance with its obligations under the Dutch Anti-Money Laundering and Counter Terrorism Financing Act (Wet ter voorkoming van witwassen en financiering van terrorisme, AML/CTF Act) between 2014 and 2020. As part of this settlement, ABN AMRO will pay EUR 480 million. ABN AMRO fully cooperated with the DPPS throughout the investigation. Based on the investigation, the DPPS identified serious shortcomings in ABN AMRO's processes to combat money laundering in the Netherlands, such as the client acceptance, transaction monitoring and client exit processes (the so-called 'Client Life Cycle' processes) in the period between 2014 and 2020, as a result of which, in certain instances, clients were able to abuse ABN AMRO accounts. ABN AMRO deeply regrets the situation and recognises the seriousness of the matter, and that it has fallen short in the fulfilment of its role as gatekeeper aimed at combatting money laundering. ABN AMRO will continue to make every effort to fulfil its role as gatekeeper. ABN AMRO CEO Robert Swaak: "As a bank we do not merely have a legal, but also a moral duty to do our utmost to protect the financial system against abuse by criminals. In fulfilling this duty, we aim to make a meaningful contribution to a safer society. Regretfully, I have to acknowledge that in the past we have been insufficiently successful in properly fulfilling our important role as gatekeeper. This is unacceptable and we take full responsibility for this." In recent years, ABN AMRO had itself already identified shortcomings in the way it implemented its 'Client Life Cycle' processes. To address these shortcomings, the bank has prioritised remediation and enhancement programmes in each of the business lines of the bank over the years, as well as bank-wide with respect to transaction monitoring. ABN AMRO has invested heavily in these remediation and enhancement programmes over several years, including investments in its systems and the growth of its staff . Unfortunately, ABN AMRO has to recognise that, despite all of its efforts and intentions, its improvement programmes have not always had the desired effect, and that several shortcomings, some of which serious, have been identified in its 'Client Life Cycle' processes. In response to the identified shortcomings in its 'Client Life Cycle' processes and in order to address increasingly strict regulations and continuously evolving forms of financial crime, ABN AMRO decided to centralise the execution of the 'Client Life Cycle' processes in October of 2018. To this end, ABN AMRO set up the Detecting Financial Crime (DFC) programme and made substantial additional (financial) resources available for investments in staff, systems and processes. The DFC programme is progressing according to the timetable as agreed upon with DNB, and the programme is expected to be completed by the end of 2022. By the end of 2020, the total number of full-time employees involved in ABN AMRO's 'Client Life Cycle' processes had increased to 3,800 (one in five jobs at ABN AMRO). The bank is convinced that its current approach is the right way to systematically remediate shortcomings across the bank, and to embed this remediation in its day-to-day operations. Besides this, ABN AMRO is also actively involved in various public-private partnerships aimed at of contributing to safer society. As part of the settlement announced today, ABN AMRO agrees to pay a fine of EUR 300 million and EUR 180 million as disgorgement. The amount of the fine reflects the seriousness, scope and duration of the identified shortcomings. The amount of the disgorgement reflects the amount of costs that ABN AMRO saved according to the DPPS. The total amount of EUR 480 million will impact the bank's first quarter results in 2021. Robert Swaak: "This settlement marks the end of a painful and disappointing episode for ABN AMRO. The lessons we have learned from this experience drive us in our continued effort as gatekeepers to achieve a safer society and a financial system that meets the highest standards of integrity." ABN AMRO Press Relations ABN AMRO Investor RelationsJarco de Swart Ferdinand Vaandrager Media Relations & Public Affairs Investor Relationspressrelations@nl.abnamro.com email@example.com+31 20 6288900 This press release was published by ABN AMRO Bank N.V. and contains inside information within the meaning of Article 7(1) to (4) of the Regulation (EU) No 596/2014 (Market Abuse Regulation) Attachments ABN AMRO accepted settlement offer in the anti-money laundering investigation in the Netherlands Settlement Agreement ABN AMRO Guardian Statement of Facts - ABN AMRO Guardian