It almost seemed as if Commerzbank had suppressed the fact that board members still require approval from the financial supervisory authority. Or the supervisory board of Germany’s second-largest private bank had hoped that everything would go smoothly as usual and that the bank regulator would wave the candidate through after all. But now everything turned out differently. What exactly is behind the fact that the bank is now having to frantically look around for a new risk director is not entirely clear. But the fact is: Rüdiger Rass, previously a divisional director one level below the group board, and actually intended for the post, decided after discussions with the banking supervisory authority in agreement with the board of directors and the supervisory board that he was no longer available for this office, Commerzbank said on Tuesday afternoon with – oddly enough, one day after an SZ inquiry about the personnel issue.
It was originally envisaged that Rass would succeed Marcus Chromik as Chief Risk Officer. Last year he refused to extend his management contract beyond the end of the year. What was planned as an orderly succession process ends in chaos and becomes the first test for the new chairman of the supervisory board, Jens Weidmann. The former Bundesbank President took over the post in May and now has to look for an alternative candidate. His predecessor at the head of the supervisory board, Helmut Gottschalk, had repeatedly emphasized that Rass had been his favorite for the post from the start – and Weidmann had endorsed this plan.
What role did the Wirecard loan play?
“We respect Rüdiger Rass’ decision and are pleased that he is still available to the bank,” said Weidmann. “We will start the new search process for the successor to the Chief Risk Officer immediately and drive it forward with the appropriate thoroughness.”
As early as December, however, it had been heard in financial circles that the review by the ECB banking supervisory authority was being delayed. The supervisors reportedly wanted to investigate the role Rass played in the bank’s lending to Wirecard. The Wirecard disaster cost Commerzbank almost 200 million euros. The examination by the ECB apparently triggered numerous questions from the former employee and employee shareholder Bernd Heckmann at the general meeting. It was about possible omissions by Commerzbank in granting the loan to the later bankrupt company. Above all, risk director Marcus Chromik saw the ex-employee as responsible, but also Bettina Orlopp, today’s CFO, who was responsible for preventing money laundering at the time. SZ research also showed that the allegations were well founded. The former head of the supervisory board Gottschalk rejected the allegations: An investigation commissioned by the supervisory board had shown that the board of directors had acted correctly when granting the loan.
According to statements by the bank, Rüdiger Rass was allegedly not involved with the Wirecard loan, although as a divisional director he was a member of the responsible credit committee. “Mr. Rass was not involved in the granting of the Wirecard loan,” said CFO Orlopp at the Annual General Meeting in May when asked by a shareholder. In banking circles it was said on Tuesday that the Wirecard issue had played no role in Rass’ withdrawal. The supervisor had fundamental doubts as to whether Rass was the right person to lead such an important board department. The bank declined to comment officially. Insiders, however, consider it unlikely that Rass had any contact with the Wirecard loan.
In any case, the appointments could have been made differently. According to financial circles, external candidates were also initially under discussion, including Markus Kramer, BayernLB’s risk director. The Landesbank was one of the few banks at Wirecard suspicious in time and had therefore withdrawn from lending in 2018. She got her loan back. It remains unclear why Commerzbank did not succeed in hiring Landesbanker Kramer. Was race preferred because, as an internal candidate, he already knew the house? Or did you not want a colleague from outside who might ask uncomfortable questions? That remains unclear for the time being. Neither BayernLB nor Commerzbank wanted to comment on Tuesday.