At the head of the Hamburg private bank M.M. Warburg there is another change. The bank has brought 59-year-old Markus Bolder on board as the new manager alongside Stephan Schrameier, as the bank announced on Tuesday. He succeeds Manuela Better, who joined Warburg just over a year ago and is now leaving "on the best of terms". Bolder previously held a managerial role at the private Bankhaus Lampe and before that he was on the board of Erste Sales (EAA), the "bad bank" to which the financial legacy of the liquidated Westdeutsche Landesbank (WestLB) was outsourced.
Warburg Supervisory Board Chairman Reiner Brüggestrat, previously long-time head of Hamburger Volksbank and now entrusted with the challenging task of repositioning the bank's internal structures against internal resistance, said the announcement that the bank now wanted to focus more on market activities again. "For the bank, the issues of ship financing and cum-ex transactions, which have been so decisive in recent years, have been dealt with economically and the unbundling of ownership and management has also been achieved."
Warburg is known to a broader public primarily in connection with the Cum-Ex scandal. In cum-ex transactions, financial players shifted blocks of shares with ("cum") and without ("ex") dividend entitlement around the dividend date in a complicated system and then had taxes reimbursed several times. "The Warburg Group's tax assessment of the cum-ex transactions has proven to be wrong," emphasized the bank on Tuesday. The supervisory board and board of directors "disapprove of illegal tax arrangements of any kind".
Meanwhile, Warburg came out of the red in 2021 and posted a small profit. The net profit for the year was 59,000 euros, after a minus of 7.9 million euros in the previous year.
