Danske Shelves Dividend on Outlook for Money Laundering Fine
A logo sits on display in the window of a Danske Bank A/S bank branch in Copenhagen, Denmark, on Wednesday, Sept. 19, 2018. Danske Bank A/SChief Executive OfficerThomas Borgen will step down amid allegations his bank was at the center of a major European money laundering scandal with as much as $234 billion flowing through a tiny unit in Estonia. Photographer: Freya Ingrid Morales/Bloomberg
, Bloomberg
Frances Schwartzkopff, Bloomberg News
(Bloomberg) -- Danske Bank A/S said it’s in initial discussions with authorities in the U.S. and Denmark on ending the massive money laundering scandal that’s dogged Denmark’s biggest lender since 2018.
The Copenhagen-based bank said potential fines are “likely to be material” and as a consequence it will not pay out dividends in connection with the release of first quarter results on April 29.
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