Overview
- The supervisory board removed CEO Jürgen Brinkmann with immediate effect over a dispute about the bank’s strategic direction.
- Board member Lars Berkefeld becomes interim chief with support from Carsten Ueberschär, and the bank will hire an external third board member.
- The bank says it will apply for coverage measures from the BVR protection scheme, a cooperative fund that provides support to stabilize member banks.
- Berkefeld said Brawo meets capital and liquidity rules but sees risks from impairments, and he plans a critical review of the group’s business strategy.
- The outcome of the application and any conditions are not yet known, and the bank says customers, members, and staff should see no immediate effect.