Danske Bank In Big Trouble

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Danske Bank – its name directly translating into “Danish Bank” in English – is the 22nd-largest bank by means of assets in all of Europe. Founded in 1871, Danske Bank has a long history of serving the country of Denmark and – though for a lesser amount of time – customers across northern Europe. Led by chairman Ole Anderson and CEO Thomas F. Borgen, Danske Bank holds the distinction of the largest bank by all major statistics in the nation of Denmark.

While history might suggest that Danske Bank is among the likes of the most reputable financial institutions in Europe, current events suggest otherwise

News headlines across the world broke last week when reports surfaced of Danske Bank’s involvement in facilitating hundreds of transactions totaling in the billions of dollars from 2017 to 2015. Although Danske Bank hasn’t yet admitted whether such transactions actually took place or not, experts are all but certain that the Danish bank is entirely responsible for a failure to report any and all of the transactions originating from countries around Russia – and also including Russia – like Moldova and Azerbaijan.

Danske Bank’s earnings skyrocketed in the past few years – experts believe these transactions are the primary force behind such upward-facing trends

From 2008 to 2014, profits didn’t break the mark of 10 billion Danish Kronor. However, earnings of Danske Bank skyrocketed to 22 billion Danish Kronor in 2015, 25 billion in 2016, and upwards of 26 billion last year.

Last year, competitor Deutsche bank was fined by both the United Kingdom and the United States for laundering some 10 billion United States Dollars’ worth of undeclared transactions in total to the tune of some $630 million.

While neither the United Kingdom’s or the United States’ financial regulatory bodies have formally declared involvement in the current scandal Danske Bank is involved with, financial experts do believe that they will soon dig their figurative hands into the issue and find out what exactly happened, when, and how much money was involved.

If regulators from either country get involved in the case, they’re both likely to hop on board. Further, fines are likely to be exponentially higher if either the United Kingdom or the United States gets involved.

Danske Bank only moved into countries formerly occupying Soviet Russia in 2007 – only time will reveal who allowed such suspicious activity to go unchecked for so long.

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