Kim Hjelmgaard

USA TODAY

The Panama Papers scandal claimed its first banking chief executive Thursday with the resignation of Michael Grahammer, the CEO of Austrian lender Hypo Landesbank Vorarlberg.

Hypo Landesbank Vorarlberg was one of the institutions named in the 11.5 million leaked documents published this week, according to ORF, an Austrian broadcaster.

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Grahammer said in a brief statement he was "100% convinced that the bank broke no laws or violated sanctions" agreements, but that he was stepping down because of the media's inaccurate portrayal of the case. Grahammer became CEO in 2012.

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His departure follows that of Iceland's prime minister, Sigmundur Gunnlaugsson, who was the first public figure to leave a position as a result of the files that connect wealthy individuals to offshore banking services routed through a Panama law firm.

Bert Meerstadt, a member of Dutch bank ABN Amro’s supervisory board, also said he would step down after his name was found on company papers that linked him to a firm in the British Virgin Islands established by Panama law firm Mosseck Fonseca.

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