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Report: Austrian bank's CEO steps down after Panama Papers revelations

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Report: Austrian bank's CEO steps down after Panama Papers revelations

HypoLandesbank Vorarlberg CEO Michael Grahammer stepped down, becomingone of the first top bankers to quit over the , Reuters reported April 7.

The leak of data from law firm Mossack Fonseca revealed alink between the bank and offshore companies via trustees in Liechtenstein,according to Austrian broadcaster ORF. Austria's regulator is investigatingwhether Hypo Landesbank Vorarlberg and Raiffeisen Bank International AG, which was alsomentioned in the Panama Papers, took adequate steps to prevent moneylaundering.

Grahammer said he remains "100% convinced that the bankat no point violated laws or sanctions." He said hisresignation followed various developments over the past year, although"the media's prejudgment" of him and the bank "was decisive forme in taking this step."