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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Danske Bank A/S    DANSKE   DK0010274414

DANSKE BANK A/S

(DANSKE)
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Estonia expands Danske laundering probe to cover up to $2 billion of transfers

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01/16/2020 | 06:18am EST
A view of the Danske bank headquarters in Copenhagen

Estonian authorities have expanded their investigation into alleged money laundering through Danske Bank's local branch to cover transfers of up to $2 billion, the Estonian prosecutor said on Thursday.

Widening of the investigation in Estonia adds to pressure on Danske Bank, as the lender and its investors await a potentially much larger fine from U.S. authorities for its involvement in one of the world's biggest money laundering scandals.

"We are investigating more than 10 cases with a total amount of up to $2 billion," said a spokeswoman for the prosecutor general.

The prosecutor said it was previously looking into suspect money flows worth $300 million relating to two separate cases.

It declined to comment further on the status of those new cases, but said it was working together with a number of countries, including the United States.

Danske, Denmark's biggest bank, admitted in 2018 that suspicious payments totalling 200 billion euros ($223 billion) from Russia and elsewhere flowed through its branch in Estonia, triggering worldwide probes.

"We of course continue to cooperate with the authorities and make ourselves - and the knowledge we have - available to the investigations," Danske said in a statement on Thursday.

Danske, which was thrown out of Estonia and has said it would also exit the other Baltic states and Russia, also repeated an earlier statement saying it "should never have had the now closed portfolio of non-resident customers in Estonia".

In 2018, Estonian authorities apprehended 10 former employees of the local Danske branch on suspicions of having facilitated a flow of dirty money through the branch.

Shares in Danske have lost more than half of their value since money-laundering allegations against the bank gained pace, but analyst Thomas Eskildsen at Handelsbanken said Thursday's development was "marginal" in a broader context.

"It is a possible fine by the U.S. authorities that worries investors," he said.

Shares in Danske were trading up 0.56% at 1028 GMT.

(Reporting by Tarmo Virki @virki in Tallinn, Nikolaj Skydsgaard and Jacob Gronholt-Pedersen in Copenhagen; Editing by Mark Potter and Toby Chopra)

Stocks mentioned in the article
ChangeLast1st jan.
DANSKE BANK A/S -1.39% 120.55 Delayed Quote.13.40%
SVENSKA HANDELSBANKEN AB -1.17% 109.65 Delayed Quote.9.96%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.08% 64.0445 Delayed Quote.2.64%
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Financials (DKK)
Sales 2020 42 497 M
EBIT 2020 13 760 M
Net income 2020 8 814 M
Debt 2020 -
Yield 2020 4,34%
P/E ratio 2020 11,7x
P/E ratio 2021 9,43x
Capi. / Sales2020 2,42x
Capi. / Sales2021 2,38x
Capitalization 103 B
Chart DANSKE BANK A/S
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Technical analysis trends DANSKE BANK A/S
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 122,84  DKK
Last Close Price 120,55  DKK
Spread / Highest target 65,9%
Spread / Average Target 1,90%
Spread / Lowest Target -28,3%
EPS Revisions
Managers
NameTitle
Chris Vogelzang Chief Executive & Operating Officer
Karsten Dybvad Dalsjö Chairman
Jacob Aarup-Andersen Chief Financial Officer
Charlotte Hoffmann Director
Carol Frances Sergeant Vice Chairman
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