Denmark’s largest bank found more than $200bn in transactions at its Estonian branch and suspects a “large portion” of it was related to money laundering, often from Russia. The CEO stepped down as a result of the year-long investigation.

Danske’s CEO Thomas Borgen said “it is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia,” adding the investigation did not find breaches of his legal obligations. Borgen will stay until a replacement is appointed, the company said.