The Cum-ex trial against former Warburg Bank CEO and shareholder Christian Olearius could also raise questions about his role within the ownership circle. The financial supervision authority is examining his suitability in an ownership control procedure, potentially opening the dorr for an external investors entry.
The bank M.M. Warburg in Hamburg.The Cum-ex scandal could also shake up the ownership structure of Warburg Bank. Since September 18th former Warburg Bank CEO and shareholder Christian Olearius will face trial at the Bonn Regional Court. Together, Olearius and Max Warburg own approximately 80% of the bank's shares. The trial will examine allegations of severe tax evasion in 14 cases. In Cum-ex schemes, investors sought refunds of capital gains taxes on dividends that were never paid.
Likewise, potential financial investors for Warburg Bank, such as private equity firm Apollo, which already owns OLB, are showing reluctance. Hauck & Aufhäuser, a banking subsidiary of the Chinese Fosun Group, acquired Bankhaus Lampe in 2020. However, the value of Warburg Bank in the current situation is difficult to assess.
Meanwhile, the newly formed Warburg Bank board is confident that the bank, which has been under BaFin's scrutiny because of Cum-ex for years, will remain a Hamburg-based private bank in family ownership."I am confident about that," says Chief Market Officer Stephan Schrameier, who has been leading the bank since 2022 alongside Markus Bolder, in an interview with Börsen-Zeitung.
Regarding speculations about a Hamburg consortium, the involvement of wealthy families, or a merger, the board refrains from commenting."The board is not involved in discussions about the future ownership structure of the bank and possible changes." Olearius, a long-time spokesperson for the partners until 2014 and chairman of the supervisory board until the end of 2019, and the Max Warburg family each hold 40% of the shares.
For the moment, Warburg Bank's board emphasizes that the bank is"fully operational." At the same time, there is some headwind that they cannot avoid."The fact that the bank is repeatedly mentioned in the coverage of the political and legal processing of the Cum-ex issue, despite having settled tax claims and implemented personnel changes in the composition of the bank's bodies, harms our reputation.
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