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4-Traders Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Danske Bank    DANSKE   DK0010274414

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Danske Bank, Nordea say cooperating with authorities in money laundering probe

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03/20/2017 | 11:35pm CET
Nordea bank logo is seen outside their corporate headquarters in Stockholm

Denmark's Danske Bank (>> Danske Bank A/S) and Sweden's Nordea (>> Nordea Bank AB) said on Monday they were cooperating with authorities over possible incidents of money laundering via their overseas branches from 2011 to 2014.

Denmark's Danske Bank (>> Danske Bank A/S) and Sweden's Nordea (>> Nordea Bank AB) said on Monday they were cooperating with authorities over possible incidents of money laundering via their overseas branches from 2011 to 2014.

Danish newspaper Berlingske reported on Monday that the two banks were being investigated by authorities in Moldova and Latvia over money laundering.

More than 7 billion Danish crowns (822 million pounds) was transferred to accounts in the two banks from 2011 through 2014, the newspaper said citing data it had accessed in cooperation with the journalist organisation Organized Crime and Corruption Reporting Project.

Danske Bank said in a press release that the transactions were almost exclusively carried out at its Estonian branch, and that the bank had already discussed them with Danish and Estonian authorities. The Danish Financial Supervisory Authority reprimanded it over the matter last year, it said.

"At the time, our systems and procedures in Estonia were insufficient to ensure that we could not be used for money laundering," Group General Counsel at Danske Bank Flemming Pristed said in the press release.

"We have taken the measures necessary to remedy this," he said.

A Nordea spokesman said the bank would "never tolerate" being used as a base for money laundering. He said that the transactions in the Swedish bank took place between 2012 and 2014 and that the bank had since begun an extensive programme against money laundering.

"We will of course cooperate fully with the authorities," the Nordea spokesman said.

(Reporting by Teis Jensen, additional reporting by Johan Sennero and Johan Ahlander in Stockholm; Editing by Hugh Lawson)

Stocks treated in this article : Danske Bank A/S, Nordea Bank AB, Svenska Handelsbanken AB
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Financials ( DKK)
Sales 2017 48 377 M
EBIT 2017 25 742 M
Net income 2017 19 520 M
Debt 2017 -
Yield 2017 4,26%
P/E ratio 2017 10,96
P/E ratio 2018 10,56
Capi. / Sales 2017 4,54x
Capi. / Sales 2018 4,46x
Capitalization 219 B
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 272  DKK
Spread / Average Target 16%
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Managers
NameTitle
Thomas Fredrick Borgen Chief Executive Officer
Ole Gjessø Andersen Chairman
James Martin Ditmore Chief Operating Officer
Jacob Aarup-Andersen Chief Financial Officer
Jan Steen Olsen Chief Technology Officer
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