JUST IN: Danske Bank down 5 percent after investors reject independent investigation. More here:
COPENHAGEN - Danske Bank’s annual shareholder meeting extended into the fifth hour on Monday as retail investors expressed their discontent over the bank’s involvement in one of the world’s biggest money laundering scandals.
Denmark’s largest bank is under investigation in the United States, Denmark, Estonia, France and Britain over 200 billion euros in payments that were found to have flowed through its Estonian branch from Russia, former Soviet states and elsewhere between 2007 and 2015. “The executive board has decided to waive the bonuses that could have been paid for 2018,” new Chairman Karsten Dybvad said at the meeting in Copenhagen.Danske’s share price halved in 2018 but has stabilized this year, with no major new revelations about the bank having emerged as other lenders have become entangled in the scandal, including Deutsche Bank and Swedbank.
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