Cooperative bank: Owners of Raiffeisenbank Plankstetten drop "cooperative" label
The shareholders are abolishing the cooperative principle at the bank. However, the general meeting's voting result shows that the dispute over the bank is far from over.
The Raiffeisenbank Plankstetten's shareholders have voted to further distance the bank from the cooperative principles, changing its bylaws to identify as a joint-stock company rather than a "cooperative" one. The vote, which was nearly unanimous, also abolished the one-share-one-vote principle, instead assigning one vote per share.
This move comes after the bank's board and supervisory board were removed by German financial regulator Bafin. The bank's former board members, who were removed by Bafin, are planning to take legal action against the regulator.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
