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Departure De-rails German Private Bank Restructuring

Stephen Harris

23 April 2007

German private bank Hauck & Aufhaeuser has confirmed that partner Dirk Drechsler has resigned. According to media reports major shareholders in the private bank, German state controlled bank Bayern LB and insurers Muenchener Verein and WWK Leben had found an investor who had agreed to buy their combined 30 per cent stake. The sale was, however, conditional on the replacement of Hauck & Aufhaeuser partners Frankfurt-based Michael Schramm, Peter Gatti and Volker van Rueth. The proposed departures would have left Munich-based partners Dirk Drechsler and Alfred Junker in control of the company's strategy.