Thomas Borgen, chief executive officer of Danske Bank A/S, center, arrives for a news conference in Copenhagen, Denmark, on Wednesday, Sept. 19, 2018. 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
The chief executive of Denmark’s Danske Bank resigned Wednesday after an internal investigation found “major deficiencies” that allowed its Estonian branch to launder hundreds of billions of dollars in Russian money, in what is being called the largest money-laundering scandal in European history.
In a statement, the bank said CEO Thomas Borgen will remain in his position until a replacement is named. Borgen announced his resignation at the same time as the bank presented the results of an internal investigation.
