Now it's official: The private bank MM Warburg & Co confirmed the departure of its partner Manuela Better on Tuesday.

The FAZ reported on July 12 that the former CEO of Hypo Real Estate was negotiating a termination agreement and was about to leave Warburg after just one year.

Better, previously responsible for risk control, is leaving Warburg-Bank on August 1, allegedly "on the best of terms".

Warburg also confirmed that Markus Bolder follows Better.

He previously worked for Bankhaus Lampe and West LB's first winding-up agency.

For the time being, Bolder and Stephan Schrameier will form a management duo.

Small gain in 2021

Hanno Mussler

Editor in Business.

  • Follow I follow

In addition to the change in your executive floor, the money house also reported on its business development.

The cost of the lawyers she employs to deal with her cum-ex past weighs heavily.

The bank made a small net profit of 59,000 euros in 2021 after a loss of 7.9 million euros in the previous year.

However, it remained operationally in the red, as the cost-income ratio shows: Accordingly, Warburg had to spend 106.3 cents to generate 100 cents in income.

Warburg announced that the 2021 financial year was characterized by the reduction of risks.

The balance sheet total fell from 5.2 to 4.3 billion euros, with ship loans alone accounting for 0.3 billion euros.

Your portfolio now amounts to 0.8 billion euros, at least 19 percent of the balance sheet total.

In addition, Warburg managed to sell four container ships, which she had evidently acquired as security for lending in previous years in rescue purchases.

lower legal fees

The increase in administrative costs, which climbed from 136 to 151 million euros, was due to increased personnel expenses and expenses incurred in connection with the adjustment of governance (consulting, legal costs, severance payments),” as Warburg himself puts it.

The reason behind this is that several cum-ex processes were lost and the shareholders Christian Olearius and Max Warburg are no longer members of the supervisory board at the urging of the banking supervisory authority.

The Cologne public prosecutor's office recently brought charges against Olearius on suspicion of tax evasion.