(Bloomberg) -- BlackRock, the world's largest asset manager, has cut its stake in Danske Bank A/S to less than 5 percent.
The news comes as Danske finds itself at the center of Europe's worst ever money laundering scandal, with criminal investigations under way in multiple jurisdictions including in the U.S. Last year, the flow of bad news around Denmark's biggest bank shaved almost 50 percent off its market value, while so far in 2019, the stock has lost about 5 percent.
BlackRock, which is among the biggest investors in Nordic stocks, now holds 4.99 percent in Danske, according to a regulatory filing published overnight. The asset manager notified Danske of the change on Jan. 28, according to the filing. BlackRock previously held 5.27 percent of Danske, according to a statement published on Dec. 4.
Danske is due to report fourth-quarter results on Feb. 1.
To contact the reporter on this story: Frances Schwartzkopff in Copenhagen at fschwartzko1@bloomberg.net
To contact the editor responsible for this story: Tasneem Hanfi Brögger at tbrogger@bloomberg.net
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