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Danske Bank books provisions of 1.9 billion dollars in the case of Estonia



(Reuters) — Danske Bank on Thursday booked a provision of 14 billion Danish crowns ($1.89 billion), moving closer to a long-awaited settlement with authorities over its involvement in one of the world’s biggest money-laundering scandals.

Denmark’s biggest lender had said it faced a potentially “material” fine for its involvement in the scandal, which saw more than 200 billion euros ($200.98 billion) in suspicious payments channeled through its now-closed Estonian branch.

Danske said discussions with the authorities, namely the US Department of Justice and the Securities and Exchange Commission as well as the Danish Special Crimes Unit, were ongoing and there was no certainty as to the outcome.

“Discussions with US and Danish authorities related to the Estonia matter are now at a stage where Danske Bank can reliably estimate the total financial impact of a potential coordinated solution,”

; CEO Carsten Egeriis said.

The bank said it was working towards a resolution before the end of the year, but that the timing was beyond its control.

The news sent shares in the bank up as much as 12% to their highest level since mid-June, although the stock is still at less than half its value before the money-laundering case was revealed in 2017.


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