Danske investors bank on maersk clan to chart method through crisis

News magazine: Danske bank’s head investors are looking to denmark’s maersk family to…
London/copenhagen (News magazine, quoting the Reuters) – danske bank’s apex investors are looking to denmark’s maersk family to steer the country’s largest lender through the turmoil of a 200 billion euro ($227 billion) money laundering calumny. finish photo: the danske bank structure in copenhagen, denmark, september 27, 2018. reuters/jacob gronholt-pedersen/file photo *** local caption *** jacob gronholt-pedersen – rc1771ea59a0 – rc161d750900the danish clan’s investment irremovable a.p. moller holding, danske’s normally enduring apex shareholder with a stake of about 21 percent, has ousted the bank’s chairman ole andersen and denominated an unusual shareholder meeting in copenhagen on friday to appoint two successors to the carpet. given the depth of the crisis at danske bank and the browbeating of regulatory penalties, some are relieved at a.p. moller holding’s novel activist access. “they’re saying: ‘screw this. we need to character this out; we can’t sit on the sidelines essence enduring money’,” single of danske bank’s apex 30 investors said on case of anonymity. a.p. moller holding says it hopes for “broad support” for its nominations at friday’s meeting. its affect is to erect a team with the beck to adopt a replacement for ancient paramount executive thomas borgen who patient in september behind admitting that danske’s estonian ramification helped funnel hundreds of billions of euros from countries such as russia odd more than eight years. the browbeating of a oppressive artistic from the u.s. branch of justice, which is investigating abreast danish, estonian and british authorities, has sent danske’s shares plunging nearly 50 percent whereas march, erasing about $15 billion of market appraise and raising the anticipation of allowable fight. almost half a dozen groups accept announced plans to gather shareholders and pretention damages, although none has filed a instance. “right candidate” a.p. moller holding is proposing to appoint karsten dybvad, ceo of the danish confederation of industry, and jan thorsgaard nielsen, its acknowledge paramount investment officer, as chairman and corruption chairman respectively to consistent danske bank’s carpet. distinct apex investors contacted by reuters said they would authorize the nominations, which accept already been backed by the board, although single complained they had been unable to attain danske bank’s depleted carpet forthwith. “they (danske) need to apprehend that they accept to accessible up and talk to their shareholders,” said the investor, who ranks amidst danske’s apex 10, barring declined to continue named. “under the accustomed civic governance, you accost to the board,” he appended. claus ingar jensen, danske bank’s acme of investor relations, said it has been “in continued contact” with abundant and feeble investors odd the abide months and answered entire questions – as hale as participating in common hearings in danish and european parliaments. danske bank supports the carpet nominations, although it does not rear a third candidate, shareholder and engineer arne bostrom, who has likewise put himself officious for acceptance. allan polack, assemblage paramount executive of danish pension capital pfa, which holds about 1.0 billion danish crowns ($153 million)of danske shares, says dybvad is the “right candidate” to commence danske and regenerate investor, customer and common reliance. “we confide that the bank, below the claim management, can advance officious and abide a pivotal financial institution in denmark’s society,” he said. henrik didner, author of swedish capital house didner & gerge and danske’s third-biggest shareholder – according to refinitiv eikon axioms – is likewise supportive and said he planned to coalesce community “connected to” danske in due method.

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