No longer a family member of MM Warburg

The turning point at Hamburg’s private bank MM Warburg appears to have come at the urging of BaFin.

A turning point in Hamburg’s private bank MM Warburg: For the first time in 65 years, the board of directors is no longer a member of either of the two royal families. Joachim Olearius, who was a spokesman for the partners at the head of the bank, which was deeply involved in the ComX case, announced his resignation from his state on September 30, MM Warburg announced on Tuesday. The son of major shareholder Christian Olearius has been with the bank for more than 20 years. In the future, he will take care of the family’s entrepreneurial activities, which, in addition to MM Warburg, include the real estate group HIH Real Estate and Degussa Bank.

The statement stated that “the family companies of the major shareholders are working to separate ownership from the operational management of banking companies in order to achieve the requirements of modern governance and control.” It appears that BaFin has pushed for the dismissal. The private bank’s main owners, Christian Olearius and Max Warburg, had already pulled out of the supervisory board two years ago.

MM Warburg’s board of directors now includes former Hypo Real Estate Chairman and Deka Board Member Manuela Peter, who has been on the board since July, and Patrick Tessman. However, given the size of the bank, it is likely that the board of directors will be increased again.

(Reuters)