Rabobank Appoints New Executive Board Chairman

Dutch bank Rabobank, which was fined roughly $1 billion in the Libor benchmark rate fixing scandal, appointed Wiebe Draijer as chairman of its executive board, the company said on Sunday.

Draijer, 48, will join Rabobank, the third largest Dutch bank, from the Social and Economic Council, a government advisory body, pending approval by regulators, it said.

Draijer will replace Rinus Minderhoud, who has been acting head at the cooperative bank since the resignation of Piet Moerland in October, when the Libor fine was imposed.

No date was given for the start of Draijer's term.