German bank board member to leave in wake of brothel loan investigation

​A board member ‌of the German ​lender Volksbank Koeln Bonn will leave the bank, ‌though an investigation over his role in financing of one of Europe's largest brothels found no wrongdoing, ‌the bank said on Tuesday. Over the summer ‌the Volksbank had placed the board member, Juergen Neutgens, on leave and commissioned a law firm to investigate ⁠a ​pandemic-era ⁠loan to finance Cologne's Pascha brothel.

The bank said on Tuesday ⁠that there was "no evidence of financial irregularities or misconduct ​in the lending transactions and business relationships" ⁠it examined. "However ... the necessary basis for a relationship of ⁠trust and ​impartial cooperation can no longer be maintained going forward," the bank added.

Neutgens has ⁠previously denied any wrongdoing through a lawyer. The lawyer ⁠didn't ⁠immediately respond to a request for comment on the departure on Tuesday.