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ING’s fine comes as European regulators consider whether to tighten controls on financial crime. Denmark’s Danske Bank (DANSKE.CO) has also admitted to flaws in anti-money laundering controls in Estonia, while Latvia closed one of its banks after it was accused by the United States of money laundering. In the settlement reached on Sept. 4, prosecutors concluded that responsibility for ING’s failings was diffuse and agreed not to prosecute, saying chances of a conviction were slim.
ING said at the time it had taken disciplinary measures against 10 employees and its versace cufflinks amazon management board would forgo any bonuses for 2018, but on Tuesday it said external pressure had forced it to go further, “Given the seriousness of the matter and the many reactions among stakeholders..we came to the conclusion it is appropriate that responsibility is taken at executive board level,” said supervisory board chairman Hans Wijers, a former politician, in a statement, Announcing Timmermans’ departure, ING praised his contributions to the bank, and said he could remain in his job until a replacement takes over, which would likely be next April..
Timmermans was appointed CFO in 2017 having previously held key managerial positions between 2010 and 2016, the period investigated by prosecutors, notably at the company’s banking operations in the Netherlands. His dismissal may reduce pressure on Hamers, who has led the bank since 2013 and is feted for its successful digital strategy. Public criticism over the bank’s failings has swelled in the days since news of the settlement emerged. PM Rutte voiced his displeasure, while Finance Minister Wopke Hoekstra summoned Wijers to The Hague, saying the matter had “shaken public faith in the banking sector yet again”.
Hoekstra called Timmermans’ departure a “fitting” response by the bank, Opposition political parties have called for ING versace cufflinks amazon be stripped of its position as official banker to the government and VEB President Paul Koster said it was difficult not to think that Timmermans was a “sacrificial victim”, “For outsiders..this has the appearance of being about protecting Hamers,” he said, ING was not immediately available to comment on Hamers’ position but Wijers told local press agency ANP that Hamers has the “full support” of the board..
ZURICH (Reuters) - One of the world’s largest bakery companies, Aryzta, has agreed an underwriting deal with five banks, setting the stage for raising 800 million euros ($928.48 million) in new capital to strengthen its balance sheet. Shares in the maker of McDonald’s burger buns to Otis Spunkmeyer cookies rose as much as 8 percent after the company named BofA Merrill Lynch and UBS as lead managers, and Credit Suisse, JP Morgan and HSBC Bank plc as joint global coordinators of its capital raising.
The Swiss-Irish company has warned on its at least three times since 2017 due to rising distribution and labor costs in North America, problems with undocumented workers at a U.S, bakery, high butter prices and weak consumer versace cufflinks amazon spending in some European markets, particularly Britain following its vote to leave the European Union, Aryzta, which said last month it needed a cash infusion following a net loss of more than 1 billion euros in 2017, also said on Tuesday it had won the consent of a majority of its lenders to amend an existing facilities agreement..
As part of the deal the company’s net debt to EBITDA (earnings before interest, tax, depreciation and amortization) covenant will rise to 5.75 times, from 4.0 times for January 2019 and to 5.25 times for July 2019 from 3.5 times. Analyst Andreas von Arx of Baader Helvea said the deal with banks and lenders “shows Aryzta is making progress toward the capital increase” and helped t reduce uncertainty. “The amended credit conditions should provide the flexibility to execute on the turnaround measures,” von Arx wrote in a note to investors.
Even so, he is sticking with his “hold” rating, as Aryzta has failed repeatedly to deliver on priorities of selling assets or stabilizing results, “For the time being there remain too many unknowns to credibly forecast a mid-term valuation,” he said, The shares are down more than 75 percent this year, Chief Executive Officer Kevin Toland, whose company also makes Cuisine de France bread, is still hoping to unload at least 450 million euros in versace cufflinks amazon assets, including its France-based Picard frozen food unit acquired during an ill-fated buying spree..