apoBank agrees to comprehensive reorganisation of the Board of Directors

ad hoc release

01.11.2010

In its meeting today, the Supervisory Board of the Deutsche Apotheker- und Ärztebank e.G. (apoBank) agreed to a far-reaching reorganisation of the Board of Directors. With this, the course has been set for the successful implementation of the immediate action plan, which was also agreed for successful clarification of any potentially unlawful advantages.

Stefan Mühr and Claus Verfürth were relieved of their positions on the Board with immediate effect.

Dr. Thomas Siekmann's (45) appointment to apoBank's Board of Directors with immediate effect was confirmed in agreement with BaFin. To date, Dr. Siekmann has been the Chief Representative of the apoBank responsible for risk management, among other aspects.

The Supervisory Board also appointed Bernd Span (55), subject to the approval of the BaFin and the clarification of a prohibition of competition, with effect from 4th of November 2010 as another member to the bank's Board of Directors. The announcement will be issued as soon as the formal legalities have been fulfilled.

The Board of Directors is to be expanded further in the near future.

Explanation of the release

Last week, the public prosecutor's office launched an investigation into selected apoBank employees for potentially unlawful advantages. The Board of Directors' spokesman, Herbert Pfennig, immediately initiated an internal investigation to rapidly gain an overview of the scale and causes. First results indicate that certain members of the Board of Directors and employees have acted improperly and are under suspicion of having received unauthorised personal advantages. apoBank currently has no evidence that it has itself suffered financial losses which will impact its planned financial performance.