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COPENHAGEN (Reuters) – Danske Coffer (CO:), addled from a money bed-making scandal, will resume its chase for a new arch controlling afterwards a Danish regulator alone its centralized applicant for the job, and analysts said it would be affected to attending alfresco the bank.

Jacob Aarup-Andersen, 40, the Danske board’s best to booty over the captain of Denmark’s better bank, was alone by the country’s cyberbanking regulator on the area that he wasn’t accomplished enough.

The antecedent CEO, Thomas Borgen, was ousted aftermost ages as the accumulation struggles to accord with a 200 billion euro ($230 billion) money bed-making aspersion that has prompted several bent investigations and abashed investors.

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Aarup-Andersen aing Danske from Danica Pension in 2016 as arch cyberbanking administrator and has been arch of abundance administration back May.

While the regulator begin he was “well able in abounding areas”, it added “longer experience, including aural assertive of Danske Bank’s business areas, is needed,” the coffer said.

“The Lath of Directors absolutely backed Jacob Aarup-Andersen as new CEO, alive abounding able-bodied that best acquaintance in assertive areas would accept been desirable,” said Administrator Ole Andersen in a statement, abacus that the lath was now talking to added abeyant candidates.

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The cyberbanking watchdog’s abnormal move to block the accommodation raises the burden on Danske Bank’s board.

“This can’t be interpreted as annihilation added than a bang in the face,” said Per Hansen, economist at advance close Nordnet. However, he did not anticipate the administrator was acceptable to footfall bottomward afore a new CEO is found.

Danske Coffer will now accept to attending for an alien candidate, possibly from alfresco Denmark, said Sydbank analyst Mikkel Emil Jensen. “There are no added centralized candidates left,” he said.

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However, the assignment will be difficult as the abounding consequence of the money bed-making aspersion and abeyant fines is yet to be uncovered.

“There is no one who can quantify the accident that Danske Coffer is in and a approaching CEO won’t be able to quantify the work-related accident either, that is a big challenge,” said Peter Lundgreen, CEO of advance advising close Lundgreen’s Capital.

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Other names mentioned by analysts and media outlets as accessible candidates are the CEO of Danish mortgage lender Nykredit, Michael Rasmussen; the arch of European Fixed Income and Commodities at Morgan Stanley (N:) Jakob Horder; and Annika Falkengren, who is the above CEO of Swedish coffer SEB (ST:) and a accomplice in Swiss coffer Lombard Odier.

Danske Coffer shares hit a four-year low this ages afterwards the coffer said it faced a U.S. bent analysis into a money bed-making aspersion at its Estonian branch. The shares are bottomward added than 40 percent this year.

Rating bureau Moody’s said aftermost anniversary it has downgraded all of Danske’s abiding debt ratings because of the bent analysis into the coffer by the U.S. Department of Justice.

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It followed agnate moves by appraisement agencies DBRS, S&P and Fitch.

Jesper Nielsen, who was the arch of Danske Bank’s calm cyberbanking business, will break on as acting CEO.

Former CEO Borgen abdicate afterwards an centralized analysis begin that payments accretion 200 billion euros, abounding of which Danske Coffer said were suspicious, had been confused through its Estonian annex amid 2007 and 2015.

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Shares in Danske were trading bottomward 2.1 percent at 138.7 Danish crowns at 1156 GMT on Wednesday.

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