The Limited Times

Now you can see non-English news...

Financial supervision closes Bremer Greensill Bank for customer traffic


At the Bremer Greensill Bank, payments and payments are no longer possible: The Bafin has closed the bank for customer traffic due to its financial difficulties.

Icon: enlarge

Greensill Bank headquarters in Bremen: Bafin has issued a ban on sale and payment due to the threat of over-indebtedness


The financial supervisory authority Bafin closes the Bremen Greensill Bank, which has got into turmoil.

The subsidiary of the British-Australian financial conglomerate Greensill will be closed to customers with immediate effect, said the financial regulator.

The moratorium is intended to secure assets.

A sale and payment ban was issued due to the threat of over-indebtedness.

At the same time, the supervision filed a criminal complaint against the institute, as a spokesman for the Bremen public prosecutor said on request.

Neither he nor the Bafin gave details.

According to the Bafin, Greensill Bank AG has no systemic relevance.

Their plight therefore does not pose a threat to financial stability. The total assets of the Bremen-based institute at the end of 2020 were around 4.5 billion euros.

The Bafin had already appointed a special representative at the bank.

Bremer Greensill Bank AG emerged from Nordfinanz Bank.

In addition to financing for companies, the institute also offers overnight and fixed-term deposits, attracting visitors with unusually high interest rates.

Founded in 2011 by ex-banker Lex Greensill, the company plays an important role in supply chain financing.

This involves a short-term cash advance that gives companies time to pay suppliers.

Greensill Capital pays a supplier the bill faster than the client could - and receives a discount in return.

According to Bafin, Greensill Bank AG sees itself as a refinancer for the group.

Greensill bundled the claims in bond-like securities and sold them to investors.

However, according to media reports, investors recently had doubts about what was putting the financial group under pressure.

Greensill Capital is based in London, the parent company Greensill Capital in Australia.

Icon: The mirror

hej / dpa

Source: spiegel

All business articles on 2021-03-03

Similar news:

You may like

Business 2021-03-03T17:46:57.434Z
Business 2021-03-03T10:26:19.020Z

Trends 24h

Business 2021-06-16T23:29:17.875Z
Business 2021-06-16T19:22:43.776Z


© Communities 2019 - Privacy