AMSTERDAM--A veteran banker will leave the executive board of
Rabobank with immediate affect Monday, after the supervisory board
said he had lost the support of the banks that collectively own the
Dutch lender.
Sipko Schat, who has worked at Rabobank for over 25 years, is
the second executive to leave the bank after it reached a $1.07
billion settlement with regulators over the manipulation of the
London interbank offered rate. Chief executive Piet Moerland
resigned when the settlement was announced last month.
"This was a difficult decision for all parties," Wout Dekker,
chairman of the supervisory board said. Rabobank said it will
appoint a successor shortly.
Former ING Groep NV (ING) board member Marinus Minderhoud has
taken over from Mr. Moerland temporarily until a successor is
appointed.
"We are loosing...an international top banker; a respected
colleague who has meant a lot for Rabobank," Mr. Minderhoud
said.
Rabobank will remain under the close scrutiny of the Dutch
Central Bank as it oversees the implementation of measures imposed
following the investigation into the bank's role in the
Libor-rigging case. Mr. Minderhoud is tasked with overhauling the
bank's risk and compliance operations and pushing through a program
to change the bank's culture and the behavior of its employees.
Write to Robin van Daalen at robin.vandaalen@wsj.com
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