Dutch cooperative lender Rabobank, which is in the midst of the LIBOR interest rate scandal, has announced that its CEO Piet Moerland would be leaving the financial institution by next year.

This comes after the bank is shedding off about 3,000 employees in the next two years. The loss of its triple A credit status from Standard and Poors back in 2011 constrained the bank to sell off its fund managing unit, Robeco as well as its Swiss bank, Sarasin.

Rabobank is the largest retail bank in the Netherlands and was hit severely by the economic recesion. It said it will return to its core business, which was providing loans to Dutch farmers and other members of the agricultural sector. 

According to Wout Dekker, Supervisory Board Chairman, through a statement, "The Supervisory Board will now search for a suitable successor. Here we will proceed very carefully to consider both internal and external candidates,"

"Piet's decision to step down comes at an appropriate time. He will be 65 next year," Dekker added.