New board members and managing directors at banks and financial companies - insider report

New board members and managing directors at banks and financial companies - insider report

According to a report by www.faz.net, eight German savings banks are on the list of creditors of René Benko's insolvent Signa Holding. These include the Stadtsparkasse Düsseldorf, the Sparkasse Leipzig, the Sparkasse Merzig-Wadern, the Sparkasse Siegen, the Kreissparkasse Göppingen, the Sparkasse Südwest-Pfalz in Pirmasens, the Sparkasse Südliche Weinstraße in Landau and the Sparkasse Rhein-Nahe in Bad Kreuznach. Bundestag member Stefan Müller (CSU) is leaving politics to become president and managing director of the Bavarian Cooperative Association in the summer of 2024. Peter Stemper and Johanna Antonie Tjaden-Schulte will also join the board of directors of NRW-Bank in 2024. Marco Voosen will be on the board of Targobank from January 1, 2024, and Joachim Creus has been appointed managing director (CEO) of JAB Holding, in which the Reimann family of entrepreneurs manages its shares.

The insolvency of Signa Holding could have negative consequences for the savings banks affected. The outstanding claims could affect the balance sheets of the savings banks and lead to financial restrictions. Market stability and lender confidence could be affected. The planned board changes at Targo and NRW Bank could also lead to internal upheavals and influence the strategic direction of the banks.

It remains to be seen how Signa's bankruptcy and personnel changes in the financial industry will affect the market. For example, the affected banks could introduce new credit guidelines and adapt internal processes to minimize future risks. These measures could influence the lending business in Germany and lead to more restrictive lending. It is important to closely monitor developments on the financial market and to react flexibly to changes.