Among other details, the German bank said it is changing its legal form to develop its future governance structure and build a strong supervisory board.

Hamburg-headquartered Berenberg announced yesterday that Dr Hans-Walter Peters, long-time partner of the venerable bank, has acquired the 5 per cent shareholding in Joh Berenberg, Gossler & Co previously held by former managing partner David Mortlock.

The move increases the total stake held by PetRie Beteiligungsgesellschaft and Dr Hans-Walter Peters in Berenberg to 26.41 per cent, the bank said in a statement. 

In August, the Hamburg-based Döhle Group had already acquired the stake of just under 10 per cent previously held by former managing partner Hendrik Riehmer. In addition, the Berenberg family had acquired a further stake of just under 1 per cent. 

With the now completed acquisition of David Mortlock's share, the two larger holdings of the former managing partners have been restructured. 

"Berenberg uniquely combines the strength and reliability of more than 430 years of tradition with an impressive capacity for innovation. This is what makes the company truly unique. I am convinced that, together, we can continue this success story and continue to impress our customers with our outstanding expertise, our close personal relationships, and our exceptional quality of service. I am therefore all the more pleased to be able to further increase my shareholding in this bank. It has become very meaningful to me," Dr Peters said. 

Berenberg is preparing a change of its legal form. This is intended to develop the bank's future governance structure and establish a strong supervisory board. Discussions regarding a new, permanent management team are already well advanced, it added.