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BlackRock cuts stake in scandal-hit Danske Bank to below 5 percent

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BlackRock cuts stake in scandal-hit Danske Bank to below 5 percent
FILE PHOTO: Danske Bank sign is seen on a building in Copenhagen, Denmark, September 27, 2018. REUTERS/Jacob Gronholt-Pedersen/File Photo   -   Copyright  Jacob Gronholt-Pedersen(Reuters)
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COPENHAGEN (Reuters) – BlackRock has cut its holding in Danske Bank, which is embroiled in a major money laundering scandal, Denmark’s biggest bank said in a statement.

The world’s largest fund manager, which owned 5.27 percent of Danske Bank in early December, has lowered its stake to just below the five percent threshold where it is obliged to inform the market, the bank said on Tuesday.

Danske Bank is being investigated in Denmark, Estonia, Britain and the United States over 200 billion euros ($229 billion) of suspicious payments through its Estonian branch between 2007 and 2015.

BlackRock did not immediately reply to a request for a comment on its stake in Danske Bank, which is due to report its fourth quarter results on Friday.

(Reporting by Teis Jensen; Editing by Alexander Smith)

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