Hypo-Vereinsbank is no longer a stock corporation, but only a GmbH. That sounds like a formality, but it shakes bankers’ self-image – and their creditworthiness may even suffer.
The event at the Munich headquarters of Hypo-Vereinsbank must have been about as dreary as the weather outside. Just over a week ago, on December 11th, the third largest private commercial bank in the country met there for an extraordinary general meeting. Present were: a notary, a representative of the parent company Unicredit and a chairman of the meeting. That’s it. Nobody from the board of directors, nobody from the supervisory board, everyone “apologized,” as the minutes note.