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Report: Investors urge Danske Bank to expedite reforms

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Report: Investors urge Danske Bank to expedite reforms

The Danish public's confidence in Danske Bank A/S has dropped significantly since it was found to have failed to curb money laundering in its Estonian branch, which has led to investors pushing for faster reforms at the lender, Reuters reported June 15, citing a poll by Voxmeter.

A survey by Voxmeter found that public confidence in the bank has dropped to 63% from 70% to 75% over the past two years, according to the report. That trails the bulk of its Danish rivals, Reuters noted.

The Danish Financial Supervisory Authority said the bank reacted too slowly to the money laundering after it was made aware of the flaws, which contributed to the damaged image, the newswire added. The bank plans to reveal the findings of an internal investigation in the autumn, but Leonhardt Pihl, CEO of the Danish Shareholders Association, said it was "incomprehensible that an internal investigation should take such a long time."

He added: "It's the combination of money laundering, Russian oligarchs and maybe even criminals that worries the Danes."