Rabobank's chief executive and chairman Piet Moerland has quit ahead of his 2014 planned retirements after US, UK and European regulators slapped the Dutch lender with a €774m fine for manipulating the key interbank lending rate Libor.
Moerland said on camera that "after much consideration and with a heavy heart" he has decided to leave the lender early.
At the announcement of the settlements with various authorities in connection with the Libor and Euribor investigations Moerland has decided that he will immediately resign as chairman of the Executive Board.
"On behalf of the Bank and the Executive Board I want to send a very clear signal: a sincere apology and strong condemnation of these inappropriate acts. I have decided to resign," he said.
For the full video statement, see below.