The departure of Rabobank executive Sipko Schat was necessary to appease the fury of local branch managers, the Financieele Dagblad reports on Tuesday.
The cooperative bank was recently fined €774m by regulators in the US, Britain and the Netherlands for its role in the Libor scandal.
Initially, chief executive Piet Moerland resigned, just months ahead of his retirement. Schat, who was in charge of the department where bankers were embroiled in the interest rate fixing affair stayed on.
Local member banks were furious, the FD reports. They saw Moerland’s resignation as a ‘sop’ and did not see why Schat should stay. ‘It is important that Rabobank Nederland and the local banks bring the whole affair to a swift end,’ a local manager told the paper.
Schat announced his resignation last week, leaving commission president Wout Dekker with a headache. A new chief executive has not yet been found and there is no obvious successor for Schat.
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