BaFin Removes Raiffeisenbank Plankstetten Board, Appoints Special Commissioner July 9

Germany’s financial regulator BaFin has deployed one of its harshest enforcement tools against Raiffeisenbank Plankstetten, a regional bank in Bavaria. The regulator appointed Odo Steinmann as a special commissioner to replace the bank’s board of directors. BaFin confirmed the move on July 9 but did not disclose the reasons. Steinmann, a former board member of Volksbank Rhein-Nahe-Hunsrück who retired in late 2024, now holds sole authority over the bank’s operations.

Why BaFin took control of the bank

Steinmann told Handelsblatt that disputes arose between the bank’s long-serving board and BaFin over banking supervision matters. He said the disagreement “is now to be remedied.” The bank’s two board members, Elmar Weiß and Walter Frank, had led Raiffeisenbank Plankstetten for more than 20 years. Their tenure was marked by friction with banking authorities in Bavaria and Berlin, leading the Genossenschaftsverband Bayern to expel the bank in 2009.

What a special commissioner means

BaFin describes special commissioners as among “the sharpest tools of financial supervision.” Under the Banking Act, a special commissioner can assume all duties and powers of a board when existing leadership is deemed unreliable or lacks required professional qualifications. The move is rare and signals serious regulatory concerns. Unlike monitoring commissioners, special commissioners have full operational control.

The bank’s unusual regulatory history

After expulsion from Bavaria’s cooperative association in 2009, Raiffeisenbank Plankstetten joined the Genossenschaftlicher Prüfungsverband Mecklenburg-Vorpommern, a cooperative audit association in a distant state. The bank later converted to a joint-stock company structure. This unusual arrangement meant no regulator felt clearly responsible for oversight until BaFin intervened this week.

What happens next

Steinmann now represents the board alone and holds all executive authority. The bank’s previous board members have been removed from their positions. BaFin has not announced a timeline for restoring board governance or disclosed what specific violations prompted the action.

Final Thoughts

BaFin’s intervention marks a decisive end to decades of regulatory friction with Raiffeisenbank Plankstetten. The appointment of a special commissioner signals the regulator’s determination to enforce compliance at the small Bavarian bank, regardless of its complex corporate history.

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