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UPDATE 1-Rabobank CEO to leave Dutch bank next year
June 20, 2013 / 2:23 PM / 4 years ago

UPDATE 1-Rabobank CEO to leave Dutch bank next year

AMSTERDAM, June 20 (Reuters) - Rabobank, the Dutch cooperative lender caught up in the Libor interest rate rigging scandal, said its chief executive, Piet Moerland, will leave the bank next year.

Rabobank is cutting at least 3,000 jobs over the next two years, and the loss of its triple-A credit rating from Standard & Poor’s in 2011 led to the sale of its fund manager, Robeco, as well as its private Swiss bank Sarasin.

The Netherlands’ largest retail bank, hit by the economic downturn, has said it will focus once again on its core business, lending to Dutch farmers and the agricultural sector.

“The Supervisory Board will now search for a suitable successor. Here we will proceed very carefully to consider both internal and external candidates,” Wout Dekker, chairman of the Supervisory Board, said in a statement.

“Piet’s decision to step down comes at an appropriate time. He will be 65 next year,” Dekker said.

Moerland did not have a set term as chief executive, a Rabobank spokesman said in an email to Reuters.

Rabobank is one of several banks whose employees or former employees have been named in the Libor scandal.

It has said it is cooperating with global investigations, and that it intends to defend itself in the U.S. where it has been named a defendant in civil litigation over Libor.

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