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Matthias Schellenberg joins M.M. Warburg

D.he Hamburg private bank M.M., shaken by a cum-ex scandal Warburg & Co expands its management by a fourth partner. 56-year-old Matthias Schellenberg, formerly on the board of UBS Germany and retired as CEO of Munich-based bank Merck Finck in June 2020, will be responsible for the Markets and Institutional Banking segment, said M.M. Warburg on Monday. Schellenberg’s portfolio includes not only the well-known research with analyzes of the economy and stocks, but also the trading department of the Warburg Bank.

In the past, extensive transactions in shares took place there around the dividend date, for which Warburg had capital gains tax reimbursed. In the first criminal case before the Bonn Regional Court, the criminal chamber ordered the confiscation of 176 million euros in assets from Warburg, which was a secondary participant in the proceedings. Warburg has appealed against this judgment.

A new criminal case is in progress

In a further process, a former general agent of the private bank is accused of particularly serious tax evasion in 13 cases, the public prosecutor puts the damage at 325 million euros. The defendant denies the allegations. As a precaution, Warburg shareholders Christian Olearius and Max Warburg have undertaken to add capital to the bank if necessary.

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