Danish bank in big money laundering scandal taps new CEO

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COPENHAGEN, Denmark (AP) — Denmark's largest bank, which has admitted to massive money laundering at its Estonian subsidiary, has appointed a Dutchman as its new CEO, saying Chris Vogelzang "brings many years of management experience from the financial sector."

Danske Bank Chairman Karsten Dybvad said Friday there is "a big task ahead of us in continuing to rebuild trust."

Vogelzang, who has held several positions at Dutch bank ABN AMRO, starts June 1 Bank.

He replaces interim CEO Jesper Nielsen, who stepped in as Thomas Borgen resigned in September after an internal investigation found that some 200 billion euros ($224 billion) that had flowed through the bank's accounts from 2007 to 2015 was suspicious in nature.

Both the bank and Borgen are suspected by prosecutors for "violation of the laws on money laundering."

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