BaFin Removes Raiffeisenbank Plankstetten Board; Appoints Special Commissioner

Germany’s financial regulator BaFin has appointed Odo Steinmann as a special commissioner to the board of Raiffeisenbank Plankstetten, effectively removing the bank’s existing leadership. The move follows a special audit that revealed deficiencies in risk management. BaFin confirmed the appointment but did not disclose specific reasons, though the regulator demanded adjustments to minimum risk management standards.

What BaFin did and why it matters

BaFin appointed Steinmann as “special commissioner for the board” on July 9, 2026. He now represents the board alone. This is one of BaFin’s sharpest enforcement tools. Under German banking law, a special commissioner can assume all board duties when existing leadership lacks reliability or required professional qualifications. The move signals serious regulatory concern about the bank’s governance.

The bank’s troubled history

Raiffeisenbank Plankstetten, based in the Upper Palatinate town of Berching, has been led by Elmar Weiß (market board member) and Walter Frank (market operations) for over 20 years. Both were known as controversial figures in banking circles before their tenure. In 2009, the Bavarian cooperative association expelled the bank over governance disputes, forcing it to join an obscure Mecklenburg-Vorpommern audit association and later convert to a joint-stock company. This left the bank in regulatory limbo for years.

Audit findings and regulatory demands

BaFin conducted a special audit in 2025 and identified deficiencies in risk management. The regulator then ordered the bank to make adjustments to comply with minimum risk management standards. The bank’s 2025 annual report confirms these findings. BaFin’s appointment of a special commissioner indicates the bank failed to remedy these issues adequately.

What happens next

Steinmann now has full authority to manage the board’s duties and responsibilities. BaFin has not disclosed whether this is a temporary measure or permanent removal. The bank must comply with all regulatory demands. Depositors remain protected under Germany’s deposit guarantee scheme, which covers up to 100,000 euros per account.

Final Thoughts

BaFin’s intervention reflects deep concerns about Raiffeisenbank Plankstetten’s governance and risk controls. The appointment of a special commissioner is rare and signals the regulator views the existing board as unable to manage the bank safely. Customers and stakeholders should monitor developments closely.

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