AMSTERDAM Nov 18 Dutch lender Rabobank
, which was fined $1 billion for rigging benchmark
interest rates, said that another of its top executives will
leave in the aftermath of the scandal because the cooperative
bank's members no longer support him.
Sipko Schat, who is responsible for Rabobank International's
wholesale clients division, is stepping down from the executive
board with immediate effect and will leave the bank once the
terms of his departure have been agreed, Rabobank said on
Schat, who had spent most of the past 30 years of his career
at Rabobank, was not immediately reachable for comment.
Rabobank's chief executive, Piet Moerland, quit on Oct. 29
when U.S. and European regulators announced details of the fine
for manipulating the London Interbank Offered Rate (Libor) and
its Euribor cousin, the benchmarks for more than $300 trillion
of financial assets.
A statement from Wout Dekker, chairman of Rabobank's
supervisory board, acknowledged that regulators in the United
States, Britain and the Netherlands found no evidence that the
bank's executive management had been involved in influencing
Libor and Euribor submissions or in attempts to do so.
The reason for Schat's departure, Dekker added, is that "it
has recently become apparent that there is insufficient support
from the local member banks for him staying".
Rabobank has said it is committed to "learning the lessons
of the past" and has tightened systems and controls. The board
had voluntarily forfeited remuneration worth a total of 2
million euros ($2.7 million).
However, the bank remains under considerable pressure from
the Dutch finance minister, Jeroen Dijsselbloem, who wants those
responsible for the rate rigging to face prosecution.
Of the 30 staff involved in rigging rates, 10 had already
left the bank, five were fired with a sixth case pending, and 14
have been disciplined, Schat told Reuters last month.