Financial Supervision - BaFin Removes Berenberg Bank Management Due to Possible Violations
17 Articles
17 Articles
The financial supervision takes advantage of one of the strongest instruments at the traditional Hamburg private bank. The powers of the three management members rest. According to the bank, the triggers are indications of possible corporate governance violations.
In Hamburg, the management of Privatbank Berenberg has been dismissed for possible violations.
The powers of the previous members of the management board are suspended. The supervisory authority has appointed special representatives to manage the bank.
Hamburger Berenberg Bank is Germany's oldest independent private bank – and has had to do without its three previous bosses since this Friday. Bafin's financial supervision has replaced it with two special representatives.
The bosses of the private bank are now no longer allowed to perform their functions. The reason is possible violations of corporate governance rules. Now an old acquaintance runs the business.
The German supervisory authority BaFin has temporarily suspended the entire management board of Berenberg, Germany's oldest private bank. The reason for this is the finding of possible problems in corporate governance and a lack of transparency regarding certain market transactions.
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