Danske Bank's CEO resigns

Company Announcement No. 55/2018

Thomas F. Borgen, CEO of Danske Bank, has today informed the Board of Directors that he wishes to resign from his position at Danske Bank. The decision is announced in connection with Danske Bank’s presentation today of the conclusions of the investigations into the matters in Estonia.

”It is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia. I deeply regret this. Even though the investigation conducted by the external law firm concludes that I have lived up to my legal obligations, I believe that it is best for all parties that I resign. As the CEO, I have the management responsibility for the things that take place in the bank, and, of course, I take on this responsibility. It has been clear to me for some time that resigning would be the right thing to do, but I have held off the decision, because I have felt a responsibility for seeing the bank through this difficult period towards presentation of the investigations.

It has been a great privilege to lead the more than 20,000 employees who each day work tirelessly to give our customers the best advice and services on the market, and I will miss them all. The bank obviously has a big job ahead of it because of this case, but has a strong foundation and is well prepared for the future”
, says Thomas F. Borgen.

Ole Andersen, Chairman of the Board of Directors, says:
”It is with regret that we have to say goodbye to Thomas Borgen. We have, of course, discussed the situation on an ongoing basis, and I share his sentiments and respect his decision, which I agree is the right one. Thomas Borgen has made a tremendous effort for Danske Bank through many years – not least in the last five years where, as the CEO, he has been the driving force behind the bank’s transformation and progress. Danske Bank is on the whole in a completely different and stronger position today than at the time when he was appointed”.

Thomas F. Borgen will continue in his position until a new CEO has been appointed.

Danske Bank

Journalists are also welcome to contact our Press Office by phone +45 45 14 14 00, day and night, or by email.