Peters and Horf are already listed as the new managing directors on Berenberg’s website, underscoring an immediate shift in leadership.

Impressum on Berenberg’s site lists Peters and Horf as the new heads of the managing board, indicating rapid implementation of the supervisory changes.

BaFin stressed that customer business remained unaffected and that the bank’s model and integrity are intact, with an estimated 2025 profit around €20 million and a projected first-half 2026 profit near €40 million.

Peters is known for having led the German Banking Association (2016–2021) and for a broad network including ties to the Hamburger SV supervisory board, with Peters and Riehmer having previously shared leadership.

BaFin abruptly suspended the powers of three Berenberg Bank managing partners amid potential corporate-governance violations uncovered during the 2025 audit, signaling a major regulatory intervention at Germany’s oldest independent private bank.

As of June 19, 2026, the Hamburg-based institution replaced its entire management roster following the supervisory action, with immediate leadership changes in place as the investigation continues.

The suspended executives are Hendrik Riehmer, David Mortlock, and Christian Kühn, who BaFin says faced issues from the 2025 audit related to unclear market transactions and a lack of transparency.

Historically, Hendrik Riehmer has been a key decision-maker since 2008 and, together with Peters, controlled roughly 20 percent of the PetRie equity structure; Peters is viewed as a likely point of contact if ownership changes occur.

The bank announced the leadership changes on June 19, 2026, noting the supervisory process is ongoing.

The move is intended to ensure governance and oversight during the investigation into the potential irregularities in the bank’s transactions.

Background notes indicate unusual activity tied to incorrect bookkeeping in the bank’s proprietary trading, with Peters and Horf slated to steer the bank during the interim.

BaFin appointed two special commissioners, Hans-Walter Peters and Michael Horf, to run the bank temporarily, while day-to-day operations and staffing are said to be unaffected.