Financial institutions: BaFin sends new special representative to embattled Raiffeisenbank Plankstetten
The financial supervisory authority is sending a new special representative to the Upper Bavarian bank. The shareholders of Raiffeisenbank Plankstetten are causing unrest in the sector of cooperative banks.
The German financial regulator BaFin has appointed Marcus Leiendecker as a special representative to the board of Raiffeisenbank Plankstetten, effective October 1. Leiendecker, 59, has experience as a board member from a previous bank merger and replaces Odo Steinmann, who stepped down due to health reasons. The move is part of BaFin's ongoing involvement with the bank, which has been facing difficulties and disputes with the regulator for several years.
Raiffeisenbank Plankstetten recently abandoned its cooperative principles, changing its status to a regular stock company, and is currently under scrutiny from the banking industry association BVR, which is conducting its own special audit.
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.
