The change in legal form is the biggest change in the structure of the money house in over three decades.
(Photo: Bankhaus Metzler)
Frankfurt Germany’s second oldest private bank is facing a radical change. 347 years after it was founded, the Frankfurt-based Metzler bank finally completes its transformation into an AG. The change in legal form is the biggest change in the structure of the money house in over three decades.
At that time, the now 78-year-old Friedrich von Metzler and his cousin Christoph, who has since passed away, created a holding company as the umbrella company for the bank, under which numerous subsidiaries are now located. On Friday, the company’s committees decided on B. Metzler seel. Sohn & Co. Holding to merge with the bank, which had already been converted into a stock corporation in the spring. With the merger, the transformation from Metzler into an AG is finally completed.
The move has no impact on the existing shareholder structure. The bank’s shares remain 100 percent family-owned, as it has been since it was founded by the cloth merchant Benjamin Metzler in 1674.
Now in the twelfth generation, the shares in the bank are divided between three family members: Friedrich von Metzler’s children Elena and Franz each own around 40 percent of the shares, Christoph’s son Leonhard von Metzler owns 20 percent. Friedrich von Metzler retired from the management and board of the financial institution in 2018.
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The reason for the merger is the growing pressure from regulation. In addition to the regulatory costs for the bank, the holding company would have incurred another million euros due to new requirements for auditing, reporting and IT. The family is now saving this sum.
The board of directors is expanded
The new structure may not change anything in terms of shareholders, but the merger still means a cultural change. So far, the bank has been managed by six personally liable partners under the leadership of Emmerich Müller, who, in addition to their capital contribution, are also liable for the company’s liabilities with their entire private assets.
In the future, these shareholders will become completely normal board members, the previous three-person committee will be expanded for this purpose: At the beginning of the new year, the previous partners Kim Comperl, Mario Mattera and Marco Schulmerich will move up to the management committee. Harald Illy will retire at the end of the year. In addition to the three newcomers and Emmerich Müller, the head of asset management Gerhard Wiesheu will continue to sit on the board.
So far, Bankhaus Metzler has been run by six personally liable partners under the leadership of Emmerich Müller.
(Photo: dpa)
So far, Comperl has headed the Corporate Finance division and will continue to do this in his new role. Mattera is responsible for the capital markets business area and Schulmerich is responsible for the bank’s IT. In future, he will also be responsible for controlling, compliance and organization.
Until now, Illy was responsible for this, who worked for Metzler for 25 years. Friedrich von Metzler said of the banker’s imminent departure that Illy made a significant contribution to safely navigating the bank through the financial crisis.
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