Bafin Withdraws Management of the Hamburger Berenberg Bank
8 Articles
8 Articles
Financial supervision has identified transactions with unclear backgrounds, and the need for transparency was lacking in the clarification.
After the financial supervision has exchanged the full management of the bank, two new special representatives want to resolve the management crisis as soon as possible.
After the sudden dismissal of the management of Berenberg Bank by Bafin, many questions remain open. A search for possible answers.
The German regulator has temporarily suspended the entire management board of Berenberg, Germany's oldest private bank. The reason is potential problems with corporate governance and a lack of transparency regarding certain market transactions. The Belgian holding company Bois Sauvage owns 11.4 percent of Berenberg.
Doubtful equity transactions and a real estate project are probably the reason that BaFin has penetrated Berenberg Bank. This is apparent from an internal document.
Bafin is installing a new management duo at Hamburger Privatbank Berenberg, including the long-standing Berenberg CEO Hans-Walters Peters. The background to this drastic measure is "possible corporate governance violations" in connection with market transactions.
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