Danske Bank (OTCPK:DNSKY) (OTCPK:DNKEY) is a quality bank in Europe, but its current investment case is deeply overshadowed by the Estonian money laundering scandal. Its depressed valuation seems to already price-in a lot of bad news and contrarian investors may find this cheap bank a good long-term play.
Money Laundering Issue
Some weeks ago I’ve suggested Danske Bank as a good income play within the European banking sector. At the time, the bank offered a very attractive dividend yield of more than 5% plus share buybacks, which was a better shareholder