A Massive Money-Laundering Scandal Stains the Image of Nordic Banks

Danske Bank’s headquarters in Copenhagen, reminiscent of a Greek temple, speaks of an illustrious past, The Economist reported. But Denmark’s biggest bank has “no vanity left”, says a spokesman. Since 2008 it has been embroiled in a disaster every five years. After one during the financial crisis, it was again in crisis mode in 2013 when the board sacked Eivind Kolding after 18 catastrophic months at its helm. Last year Thomas Borgen, Mr Kolding’s successor, resigned amid revelations about Danske’s role in a vast money-laundering scandal. In May Mr Borgen was charged by Denmark’s prosecutor. The money-laundering crisis is the most damaging yet for Danske, and for other Nordic banks allegedly involved. Read more