A PYMNTS Company

Germany’s Deutsche Bank Offers A Lifeline To Wirecard Bank

By  |  July 2, 2020

Deutsche Bank, the Frankfurt-based multinational financial services company, is in talks with regulators to rescue Wirecard Bank, the deposit-taking division of the German payment company that is facing one of the country’s biggest accounting frauds, the Financial Times reported.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Wirecard Bank is separate from Wirecard AG, its parent company that filed for insolvency protection last week. The action was triggered when accountants reported $2.1 billion of supposed Wirecard deposits that were missing from two Philippines banks.

    Deutsche told the Times it is considering providing Wirecard Bank with financial support. The move would be in collaboration with the Federal Financial Supervisory Authority (BaFin), Germany’s financial regulator.

    “We are in principle prepared to provide this support in the context of a continuation of business operations, if such assistance should become necessary,” Deutsche Bank told the newspaper.

    Full Content: PYMNTS

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.