Varengold Financial institution has appointed lawyer Marcus Columbu (pictured) to its supervisory board, changing Florin Isac who has resigned for private causes.
The financial institution, which is presently the topic of a regulatory probe into its Iran-related fee transactions, stated that Columbu was appointed in the present day.
He’s a specialist lawyer for banking and capital markets, and is a companion at AC Tischendorf Rechtsanwälte in Frankfurt, the place he constructed up the regulation agency’s banking regulatory and compliance enterprise.
He has additionally held roles in varied administrative and supervisory our bodies, and is presently chairman of the supervisory board of FiNet Asset Administration.
He succeeds Isac, who Varengold Financial institution stated “has regrettably resigned his mandate for private causes”.
Learn extra: Varengold scraps dividend amid compliance probe
“I warmly welcome Columbu as a brand new member of our supervisory board and sit up for a profitable collaboration,” stated Dr. Karl-Heinz Lemnitzer, chairman of the supervisory board of Varengold Financial institution.
“Columbu enhances and enriches our supervisory board together with his a few years of expertise as a lawyer specialised in banking and capital market regulation and in together with his intensive experience in compliance. Collectively we wish to develop and strengthen Varengold Financial institution strategically and in addition carry it into the long run organisationally and structurally.”
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Final month, it emerged that the German banking regulator, BaFin, is investigating Varengold Financial institution’s fee transaction enterprise in its industrial banking division.
Varengold Financial institution later revealed that the audit is specializing in funds related to Iran. It has defended its enterprise with the sanctioned nation, indicating that the funds processed have been for humanitarian causes.
Because of the audit, the financial institution has slashed its revenue steerage and is slicing virtually 1 / 4 of its employees, to guard its capital base and adjust to the regulator’s elevated capital necessities.
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