June 22, 2018 / 2:51 PM / 2 years ago

Danske Bank's Baltic chief steps down

COPENHAGEN, June 22 (Reuters) - Danske Bank’s head of Baltic banking, Ivar Pae, will step down and leave the company by the end of June as it scales back operations in the region, the bank said in a statement on Friday.

Danske Bank has been criticised by Denmark’s financial watchdog for poor governance of money laundering activities in Estonia, and in April the bank announced it would reduce its presence in the Baltic countries over time.

“As local business in the Baltics will be exited, there is no longer a need for a position as Head of Baltic Banking,” it said. (Reporting by Emil Gjerding Nielson, editing by Terje Solsvik and Elaine Hardcastle)

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