Financial and Business News

N26 Appoints UBS Executive Mike Dargan as CEO amid Fresh BaFin Restrictions

Monday, 15/12/2025 | 19:18 GMT by Jared Kirui
  • The regulator has restricted parts of N26’s business, including a ban on new mortgage lending in the Netherlands.
  • In response to internal tensions, N26 recently appointed Bundesbank's former executive Andreas Dombret as supervisory Board Chairman.
Mike Dargan

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 focused on the bank’s global digitization strategy as Group Chief Operations and Technology Officer.

In August, N26 appointed former Bundesbank executive Andreas Dombret as chairman of its supervisory board, marking the end of a period of internal friction between investors and the founding team.

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.

The decision signaled a strategic move to strengthen governance and repair strained relationships within the company’s leadership. It followed months of upheaval that had raised concerns about N26’s direction amid regulatory challenges and management rifts.

BaFin Steps Up Supervision After 2024 Audit

BaFin has announced stricter oversight of N26, including limits on parts of its business and the appointment of a special monitor, Reuters reported. The regulator has also ordered the company to hold additional capital.

More executive moves: IG CEO Joins Sportradar Board as Gaming Firm Eyes Entering Prediction Markets

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.

The watchdog framed the decision as necessary to address structural weaknesses rather than isolated failures. However, the measures amount to a significant intervention against a prominent name in Germany’s fintech sector.

The regulatory action comes during a period of internal change at N26. The neobank has reshaped both management and governance in recent months

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 focused on the bank’s global digitization strategy as Group Chief Operations and Technology Officer.

In August, N26 appointed former Bundesbank executive Andreas Dombret as chairman of its supervisory board, marking the end of a period of internal friction between investors and the founding team.

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.

The decision signaled a strategic move to strengthen governance and repair strained relationships within the company’s leadership. It followed months of upheaval that had raised concerns about N26’s direction amid regulatory challenges and management rifts.

BaFin Steps Up Supervision After 2024 Audit

BaFin has announced stricter oversight of N26, including limits on parts of its business and the appointment of a special monitor, Reuters reported. The regulator has also ordered the company to hold additional capital.

More executive moves: IG CEO Joins Sportradar Board as Gaming Firm Eyes Entering Prediction Markets

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.

The watchdog framed the decision as necessary to address structural weaknesses rather than isolated failures. However, the measures amount to a significant intervention against a prominent name in Germany’s fintech sector.

The regulatory action comes during a period of internal change at N26. The neobank has reshaped both management and governance in recent months

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About the Author: Jared Kirui
Jared Kirui
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Jared is an experienced financial journalist passionate about all things forex and CFDs.

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