German financial regulator BaFin has closed the German arm of Canadian lender Maple Financial due to impending financial over-indebtedness.
Bafin has banned Maple Bank, the German arm of Maple Financial, from taking payments that were not related to redemption of debt.
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The watchdog added this closure poses no threat to Germany’s financial stability as the lender is tiny with total net assets of just EUR5bn.
Maple Bank specialises in equities and derivatives trading and had EUR2.6bn in liabilities mainly with institutional clients.
BaFin also accused the bank of tax evasion and money laundering, saying the company will have to set aside funds to cover unpaid taxes.
In September 2015, German prosecutors have raided premises linked to Maple Bank in relation to tax evasion and money laundering investigation.
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By GlobalDataIn 2008, Maple Bank assisted luxury sports carmaker Porsche in its ultimately failed attempt to takeover auto giant Volkswagen.
