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Wirecard-Bank: Financial institution should be liquidated within a year

2020-12-05T16:08:39.371Z


The scandalous company Wirecard is filleted. As the new boss of the bank subsidiary, Frank Hellwig is to shut down the financial institution in the next twelve months.


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Wirecard headquarters in Aschheim

Photo: Alexander Pohl / Alto Press

The dismantling of the Wirecard Group is progressing.

At the beginning of the week, the Executive Board and the Supervisory Board of Wirecard Bank were filled according to SPIEGEL information.

Since December 1, Frank Hellwig, who has just moved to the supervisory board, has been the head of the group subsidiary.

Hellwig worked for almost ten years at the bad bank FMS Wertmanagement, which deals with the legacy of Hypo Real Estate, which collapsed in the financial crisis.

Hellwig, 60, should shut down Wirecard Bank much faster, namely by the end of next year.

Jörg Brand remains on the board alongside him.

A three-person supervisory board complements the personnel table.

The insolvency administrator of Wirecard AG, Michael Jaffé, recently sold the Group's core business to the Spanish bank Santander.

It also takes over the banking subsidiary's technology required for payment processing and many employees, but not the institute itself.

Wirecard Bank is not insolvent, but has no future.

It has already shrunk significantly and, according to the parent company's insolvency report, most recently had liabilities to customers of 387 million euros.

The bank had provided other Wirecard subsidiaries and dubious external partner companies with hundreds of millions of euros in loans.

The public prosecutor's office suspects that this money was embezzled, and they are also investigating those responsible for money laundering at the institute.

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Source: spiegel

All business articles on 2020-12-05

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