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SLIDING DOORS. Danske Bank (DANSKE.CO) is ripping off the band-aid by replacing Chris Vogelzang. The Danish lender’s chief executive stepped down on Monday after he was named by Dutch authorities probing money laundering at ABN Amro (ABNd.AS), his former employer, even though the bank put its troubles to bed with a 480 million euro settlement. Vogelzang’s exit is in stark contrast to Ralph Hamers, who remains CEO of UBS (UBSG.S) even though a Dutch court in December ordered a criminal investigation related to his tenure as boss of ING (INGA.AS) read more . Dutch prosecutors allege that the bigger Dutch bank failed to crack down on possible money laundering.
Danske is admittedly a special case. Given its 2018 scandal over illicit money flows in Estonia, the Danish group must keep its hands super-clean. Still, UBS has historic problems of its own, not least a French tax case . The board and UBS regulator FINMA conducted due diligence before hiring Hamers last year and found no cause for concern. Vogelzang’s exit nonetheless creates an uncomfortable parallel. (By Liam Proud)
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Earlier in Capital Calls:
Asian beer IPO lacks liquid courage read more
U.S. currency report read more
End of a flack era at Goldman Sachs read more
London’s financial Brexodus is gathering speed read more
India shines in Citi’s consumer bank selloff read more
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Capital Calls: Danske CEO exit creates ripples for UBS - Reuters
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