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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.

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.

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