Danske Bank appoints new CEO to rebuild trust in wake of money-laundering scandal

Jacob Gronholt-Pedersen/Reuters

Among the challenges facing Vogelzang, who was on the management board of Dutch bank ABN AMRO until 2017, are rebuilding investor and customer trust and keeping Danske Bank focused during the myriad inquiries into its conduct.“In short term, I don’t think he will make big strategic changes because the bank has shown it knows where it wants to go and is succeeding with its strategy,” Sydbank analyst Mikkel Emil Jensen said of Vogelzang.

Shares in Danske Bank, which have more than halved since March last year, were trading 4.2 per cent higher at 0849 GMT.Vogelzang’s appointment was immediately welcomed by Danske Bank’s largest shareholder, which put pressure on Borgen to leave when the full extent of the money laundering scandal became clear in September last year.“We have full confidence that the board has chosen the best candidate to lead the bank forward,” a spokeswoman for A.P.

Vogelzang assisted Zalm in merging the Dutch parts of ABN and Fortis into a single entity and when ABN returned to the stock market in 2015 was widely tipped as his successor.

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