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Yahoo
3 hours ago
- Yahoo
N26 co-founder Valentin Stalf to step down
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. N26 co-founder Valentin Stalf will step down as co-CEO and move to a role on the German digital bank's supervisory board after a transition period, the company announced Tuesday. That leaves Stalf's fellow co-founder, Max Tayenthal, as N26's sole CEO for the moment, though the digital bank's chair, Marcus Mosen, may be appointed interim co-CEO soon, the Financial Times reported last week. The executive shuffle comes as German financial watchdog BaFin last month proposed issuing a formal warning to two members of the bank's management board and appointing a special monitor after finding new risk management weaknesses, according to the Financial Times. The potential development arises little more than a year after BaFin lifted a cap it had put on N26's growth. The nearly three-year cap cost the digital bank billions in lost valuation, including a shutdown of its U.S. operations in 2021. Stalf's shift comes amid reports that he and Tayenthal may waive special voting rights that give them veto power over certain decisions. Stalf and Tayenthal together hold a roughly 20% stake in the company. U.K.-based fintech Wise, similarly, last month held its own referendum on investors who hold so-called 'golden share' supervoting powers. Stalf, in a statement Tuesday, called his move 'a forward-looking decision to continue to best utilize my many years of experience and knowledge to strengthen N26.' 'I will actively and passionately contribute to N26's long-term leadership and strategic direction and will remain one of the largest N26 shareholders,' he said. 'The new role also offers me the opportunity to devote more time to my family office and other entrepreneurial pursuits.' Stalf told the Financial Times he had been thinking about leaving the company's management 'for some time' and expedited the transition after rumors of his potential departure last week. He added he expects to join the supervisory board after roughly six months. Stalf further said he expected two more executives to join the management board 'over the coming six to 12 months' but declined to detail potential future management changes. A person familiar with discussions at N26 told the Financial Times that Tayenthal was likely to step down from his role at a later stage. The digital bank, however, said Tayenthal 'remains fully committed to his role.' Mosen, for his part, called Stalf 'a pioneer in mobile banking.' 'I have tremendous respect for his entrepreneurial vision and achievements,' Mosen said in a Tuesday release. 'Together with Max, he has turned N26 into an industry frontrunner and market-leading digital bank known across Europe. I look forward to continuing our cooperation." N26 broke even last summer, it said, adding it delivered 40% revenue growth in its past financial year and annual revenues now exceeding €500 million. The digital bank is preparing to introduce products for families, including a child's account, card and investment functionality; a new premium subscription with exclusive partners; and an all-new app design focused on holistic wealth management, it said. On the risk management front, the company's pending chief risk officer, Jochen Klöpper, is set to start in December. Recommended Reading Goldman's global banking and markets co-chief to leave bank Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 hours ago
- Yahoo
After dillydallying, Thailand proceeds with Chinese-built submarine
CHRISTCHURCH, New Zealand — Once tempted to ditch its acquisition of a Chinese-built S26T diesel-electric submarine, Thailand has decided the project will now proceed. The cause of the indecision was China's failure to obtain German diesel engines for the submarine, and its proposal to substitute Chinese variants instead. However, the Thai Cabinet approved a contract amendment on Aug. 5, which permits this project to recommence after it had remained dormant since 2021. Bangkok ordered this solitary S26T submarine on May 5, 2017, although it had originally wanted three submarines until fiscal constraints scuppered this plan. Wuchang Shipbuilding Industry Group subsequently laid the boat's keel in Wuhan on Sept. 5, 2019. Replacement engines The Thai government had stipulated that the 2,600-ton boat must use German-manufactured MTU 396 diesel generator sets. When Germany refused to supply these engines, China Shipbuilding & Offshore International Co (CSOC) then proposed to utilize equivalent Chinese-made CHD620 engines to resurrect the project. Bangkok was reluctant to do so, however, over concerns about the quality and longevity of Chinese engines. The Royal Thai Navy — or RTN — next conducted a series of studies and stipulated that China must certify these CHD620V16H6 engines to assure their reliability. After China bench-tested the engines for more than 6,000 hours, the RTN issued its conclusion. 'It demonstrates a quality comparable to the original engine,' the RTN stated, 'in accordance with the performance limits specified in the agreement, and does not affect the submarine's performance.' Bangkok simultaneously requested compensation, with Beijing agreeing to assistance worth US$24.7 million. This includes China extending the warranty and maintenance support from two to eight years; providing future equipment and weapons; and giving support for submarine simulators. It is unclear what weapons the RTN will receive, but the package presumably includes heavy torpedoes, sea mines and perhaps anti-ship missiles like the CM-708UNB. Following August's approval, China now has until December 2028 to finish the submarine. Originally slated to enter service in 2023, the vessel is currently 64% complete. So far, Thailand has paid CSOC 7.7 billion baht, about US$237 million, across 10 instalments. Another 5.5 billion baht, or 37% of the submarine's cost, remains outstanding. Lessons learned This saga raises several issues. First, there was contractual laxity on the part of both China and Thailand, which assumed there would be no issue obtaining MTU engines. This proved not to be the case. Secondly, why did Germany block the export of these engines? Ostensibly it was because of a EU embargo imposed in late June 1989 in the wake of the Tiananmen Square massacre, with the German government confirming to Defense News that this 1989 declaration listed 'an embargo on trade in arms with China.' However, countries like France and Germany have not rigorously applied the embargo. For example, China has manufactured hundreds of Z-9 helicopters based on the Airbus Dauphin. Similarly, Chinese warships and submarines are commonly powered by German-derived engines. 'The Chinese and the Thais were in agreement, and then suddenly the Germans threw a spanner in that wheel, which is somewhat surprising,' said Siemon Wezeman, a senior researcher at the Stockholm International Peace Research Institute. Wezeman noted the engines themselves 'are not supersensitive,' and 'similar MTU engines have been actually sold by Germany to China.' However, he suggested Germany may have reevaluated its policy, and that dual-use items destined for China's military are now being more strictly policed. Wezeman even suggested the deeper problem Germany had might lie in the end user of the submarine being Thailand, rather than the builder being China. Thailand has been under military rule since a 2014 coup, and Germany previously blocked the sale of engines for Ukrainian-built BTR-3E 8x8 armored vehicles to Thailand. Thirdly, there is the important question of what engines Chinese submarines use. If China had to put the CHD620 through a qualification regime to satisfy Thailand, this indicates the People's Liberation Army Navy has not been using these engines on its own Type 039 submarines. Whose engines, then, has it been using? Defense News approached MTU numerous times for comment on the issue of selling engines to China for naval use, but the company failed to respond as of publication. Wezeman said it becomes hazy to what extent China is producing or buying foreign engines. 'As far as we know, there's still production going on in China of engines of originally French and German design,' he said. 'Very often this is under an agreement which is very old.' The Pakistan Navy has eight similar Chinese-designed Hangor-class submarines under construction as well. These will use the same CHD620V16H6 engines. Thailand's submarine purchase was emblematic of closer ties between its junta-led government and Beijing, as ties with the U.S. waned after the 2014 coup d'état. In fact, Australian scholar Dr. Greg Raymond concluded that 'the preponderance of evidence suggests that Thailand's submarine procurement was not solely about capability, but also intertwined with geopolitics and diplomacy.' Raymond found evidence that the Thai government 'exerted pressure on the navy to select the Chinese submarines,' even though European and South Korean alternatives offered better performance. Solve the daily Crossword
Yahoo
6 hours ago
- Yahoo
After dillydallying, Thailand proceeds with Chinese-built submarine
CHRISTCHURCH, New Zealand — Once tempted to ditch its acquisition of a Chinese-built S26T diesel-electric submarine, Thailand has decided the project will now proceed. The cause of the indecision was China's failure to obtain German diesel engines for the submarine, and its proposal to substitute Chinese variants instead. However, the Thai Cabinet approved a contract amendment on Aug. 5, which permits this project to recommence after it had remained dormant since 2021. Bangkok ordered this solitary S26T submarine on May 5, 2017, although it had originally wanted three submarines until fiscal constraints scuppered this plan. Wuchang Shipbuilding Industry Group subsequently laid the boat's keel in Wuhan on Sept. 5, 2019. Replacement engines The Thai government had stipulated that the 2,600-ton boat must use German-manufactured MTU 396 diesel generator sets. When Germany refused to supply these engines, China Shipbuilding & Offshore International Co (CSOC) then proposed to utilize equivalent Chinese-made CHD620 engines to resurrect the project. Bangkok was reluctant to do so, however, over concerns about the quality and longevity of Chinese engines. The Royal Thai Navy — or RTN — next conducted a series of studies and stipulated that China must certify these CHD620V16H6 engines to assure their reliability. After China bench-tested the engines for more than 6,000 hours, the RTN issued its conclusion. 'It demonstrates a quality comparable to the original engine,' the RTN stated, 'in accordance with the performance limits specified in the agreement, and does not affect the submarine's performance.' Bangkok simultaneously requested compensation, with Beijing agreeing to assistance worth US$24.7 million. This includes China extending the warranty and maintenance support from two to eight years; providing future equipment and weapons; and giving support for submarine simulators. It is unclear what weapons the RTN will receive, but the package presumably includes heavy torpedoes, sea mines and perhaps anti-ship missiles like the CM-708UNB. Following August's approval, China now has until December 2028 to finish the submarine. Originally slated to enter service in 2023, the vessel is currently 64% complete. So far, Thailand has paid CSOC 7.7 billion baht, about US$237 million, across 10 instalments. Another 5.5 billion baht, or 37% of the submarine's cost, remains outstanding. Lessons learned This saga raises several issues. First, there was contractual laxity on the part of both China and Thailand, which assumed there would be no issue obtaining MTU engines. This proved not to be the case. Secondly, why did Germany block the export of these engines? Ostensibly it was because of a EU embargo imposed in late June 1989 in the wake of the Tiananmen Square massacre, with the German government confirming to Defense News that this 1989 declaration listed 'an embargo on trade in arms with China.' However, countries like France and Germany have not rigorously applied the embargo. For example, China has manufactured hundreds of Z-9 helicopters based on the Airbus Dauphin. Similarly, Chinese warships and submarines are commonly powered by German-derived engines. 'The Chinese and the Thais were in agreement, and then suddenly the Germans threw a spanner in that wheel, which is somewhat surprising,' said Siemon Wezeman, a senior researcher at the Stockholm International Peace Research Institute. Wezeman noted the engines themselves 'are not supersensitive,' and 'similar MTU engines have been actually sold by Germany to China.' However, he suggested Germany may have reevaluated its policy, and that dual-use items destined for China's military are now being more strictly policed. Wezeman even suggested the deeper problem Germany had might lie in the end user of the submarine being Thailand, rather than the builder being China. Thailand has been under military rule since a 2014 coup, and Germany previously blocked the sale of engines for Ukrainian-built BTR-3E 8x8 armored vehicles to Thailand. Thirdly, there is the important question of what engines Chinese submarines use. If China had to put the CHD620 through a qualification regime to satisfy Thailand, this indicates the People's Liberation Army Navy has not been using these engines on its own Type 039 submarines. Whose engines, then, has it been using? Defense News approached MTU numerous times for comment on the issue of selling engines to China for naval use, but the company failed to respond as of publication. Wezeman said it becomes hazy to what extent China is producing or buying foreign engines. 'As far as we know, there's still production going on in China of engines of originally French and German design,' he said. 'Very often this is under an agreement which is very old.' The Pakistan Navy has eight similar Chinese-designed Hangor-class submarines under construction as well. These will use the same CHD620V16H6 engines. Thailand's submarine purchase was emblematic of closer ties between its junta-led government and Beijing, as ties with the U.S. waned after the 2014 coup d'état. In fact, Australian scholar Dr. Greg Raymond concluded that 'the preponderance of evidence suggests that Thailand's submarine procurement was not solely about capability, but also intertwined with geopolitics and diplomacy.' Raymond found evidence that the Thai government 'exerted pressure on the navy to select the Chinese submarines,' even though European and South Korean alternatives offered better performance. Solve the daily Crossword
