N26 selected Mike Dargan, a senior executive from UBS
Group AG, to become its next CEO. The appointment comes amid new regulatory restrictions
against the Berlin-based neobank.
Appointment and Transition
From April 2026, Dargan will assume the role of CEO of
both N26 SE and N26 Bank SE, pending regulatory approval from Germany’s BaFin.
He will succeed co-founder Maximilian Tayenthal and interim co-CEO Marcus Mosen.
With more than 25 years in banking and financial
technology, Dargan brings extensive global experience spanning UBS, Standard
Chartered, and Merrill Lynch. At UBS, he shaped the bank’s global digitization
strategy as Group Chief Operations and Technology Officer, advancing its
efforts to use technology for customer-focused solutions.
Co-founder Maximilian Tayenthal reflected on the
transition as a milestone in N26’s growth. His earlier career includes a stint
at Oliver Wyman and leadership roles in Asia and Europe.
The leadership change comes as BaFin impose fresh
restrictions on N26 after an audit uncovered weaknesses that regulators said
crossed legal lines, reviving concerns that have followed the lender for years.
BaFin Steps Up Supervision After 2024 Audit
BaFin announced stricter oversight of the Berlin-based
online bank, including limits on parts of its business and the appointment of a
special monitor, Reuters reported. The regulator also ordered N26 to hold
additional capital.
The action marks the second time since 2021 that BaFin
has installed a special representative at the bank. The latest decision follows
a special audit completed in 2024.
As part of the measures, BaFin banned N26 from
offering new mortgages in the Netherlands. The restriction directly affects one
of the bank’s growth markets and signals a tougher stance on its lending
operations.
The regulator framed the decision as necessary to
address structural weaknesses rather than isolated failures. The measures
amount to a significant intervention against a prominent name in Germany’s
fintech sector.
The regulatory action lands during a period of
internal change at N26. The bank has reshaped both management and governance in
recent months.
This article was written by Jared Kirui at www.financemagnates.com.
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