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The last Danske: Scandal-hit lender pulls out of Estonia

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Signing off: Workers remove the Danske Bank signage from its shuttered Tallinn HQ. Photo: Bloomberg

Signing off: Workers remove the Danske Bank signage from its shuttered Tallinn HQ. Photo: Bloomberg

Bloomberg

Signing off: Workers remove the Danske Bank signage from its shuttered Tallinn HQ. Photo: Bloomberg

As the process of Danske Bank's exit from Estonia continues, prosecutors from Tallinn to Washington D.C. are still trying to get to the bottom of a $220bn (€200bn) money laundering scandal enveloping the lender.

The case recently made headlines again after former CEO of Danske's Estonian operations, Aivar Rehe, apparently committed suicide.

A former employee at the bank's international unit in Tallinn, Mihhail Murnikov, said he spent his days handling as many transactions as he could.

"The whole non-resident business was built on one principle: Everyone was making money on cross-border transactions because non-residents had to pay $90 per transaction," said Murnikov, adding that Danske's costs associated with each transaction amounted to $1.

The bank is now under criminal investigation in Denmark, Estonia, France and the US. Danske's share price plunged almost 50pc in 2018 and so far this year, shareholders have lost another 30pc.

Bloomberg

Irish Independent