An investigation into a criminal network that allegedly used the German payment industry as a vehicle for fraud, with involvement of former Unzer leadership. The scheme is referred to as ‘Operation Chargeback’ and involved creating a shadow system within the legitimate payment infrastructure. The accused parties deny involvement.
The German cooperative banks association (BVR) has set a strategic goal to increase membership among its customer base to 75% over the coming years, with particular emphasis on attracting younger banking customers.
Ship insurers, including industrial insurer Allianz Commercial, are facing significant claims from the Iran conflict. More than 1000 ships remain stranded in the Persian Gulf, with insurers expecting substantial damages.
German defense contractor Rheinmetall experienced a significant stock market decline, its worst performance in 30 years, causing a broader selloff in the European defense sector with other companies like Spain’s Indra also falling.
Girocard, Germany’s most widely used payment card, is rolling out new features to be integrated into merchant mobile apps as an alternative payment method. The feature aims to keep Girocard competitive in the digital payments landscape, though consumers will need to wait for full availability.
Independent wealth manager HRK Lunis has acquired Munich-based competitor Eyb & Wallwitz as part of ongoing consolidation in the sector. Following the acquisition, HRK Lunis will manage approximately 11 billion euros in assets.
German statutory health insurance funds have suffered significant losses from indirect investments in the Verius real estate fund. A Frankfurt Regional Court is investigating whether investors were deceived or made poor investment decisions, with the potential implication that substantial amounts may have been lost.
Ludovic Subran, CIO and chief economist at Allianz, discusses the outlook for technology stocks, inflation and central bank policy, noting that markets are pricing in the ‘Darwinian effect of AI’.
Sabine Mauderer, Vice President of the Deutsche Bundesbank, warns that fossil fuel dependence poses a location risk for Germany and Europe, calling for significantly faster progress on energy transition and setting clear policy expectations.
BaFin has initiated regulatory action against Deutsche Finance, an investment house managing 20 real estate funds with combined assets of 1.5 billion euros. The intervention includes the appointment of an administrator and demands for documentation. A significant concern is that many of the funds lack current annual financial statements, affecting approximately 50,000 investors.