Danske boss Borgen quits amid money laundering probe
The chief executive of Danske Bank has resigned amid findings of possible money laundering.
Thomas Borgen stepped down as an internal report into allegations of massive money laundering via Danske's Estonian branch showed that "the vast majority" of transactions "have been found to be suspicious".
The Danish bank acquired Northern Bank in Belfast in 2004.
Danske Bank commissioned the probe last year after reports of dirty money flowing through its Baltic subsidiary including from family members of Russian President Vladimir Putin. The findings show that £177bn moved through its Estonian unit.
"Overall, we expect a significant part of the payments to be suspicious," the report said.
Mr Borgen said: "Danske Bank has not lived up to its responsibility in the case of possible money laundering in Estonia. I regret that deeply." He said despite being cleared personally, he believed it best to resign.
Danske said the probe analysed 6,200 customers found to have hit the most risk indicators.
"Of these, the vast majority have been found to be suspicious," it added.