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DNB Bank board, CEO to bolster internal oversight of offshore services to clients

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DNB Bank board, CEO to bolster internal oversight of offshore services to clients

DNB BankASA board said April 11 that it submitted a report to Norway'sministry of trade, industry and fisheries at regarding transactions carried outby unit DNB LuxembourgSA to help customers set up offshore entities in the Seychelles.

Following an internal probe, DNB's board asked theLuxembourg unit to put into force several measures to ensure that its operationscomply with related regulations.

Also, the board has requested that Group CEO Rune Bjerkereview how the Luxembourg operations are organized, including private bankingproducts and services. Bjerke has also been asked to review policiesfor managing and overseeing international units, while the board said it plansto work with the CEO to assess the company's internal audit functions.

The lender's audit team had failed to flag the Luxembourgunit's involvement in helping certain customers establish offshore entities,according to a Reuters report from the same day.

DNB on April 4 disclosed that it helped around 40 customerslaunch offshore firms in the Seychelles between 2006 and 2010, Reuters added.

The news comes in the wake of the Panama Papers .