• Germany's news in English
 
app_header_v3
German arm of Canada’s Maple Bank shut down
In September, German prosecutors searched offices and residences linked to Maple Bank in a probe of serious tax evasion and money laundering. Photo: DPA

German arm of Canada’s Maple Bank shut down

AFP · 7 Feb 2016, 17:29

Published: 07 Feb 2016 17:29 GMT+01:00

Bafin said in a statement that it had imposed a so-called "moratorium" on Maple Bank GmbH, closing it down for customers and barring it from taking payments not related to redemption of debt.

Because the lender is tiny with total net assets of just €5 billion, it poses no threat to the financial stability of the country, BaFin said.

Maple Bank is known in Germany because it helped luxury sports carmaker Porsche in its ultimately failed attempt to take over auto giant Volkswagen in 2008.

It specialises in equities and derivatives trading and had €2.6 billion in liabilities mainly with institutional clients as of February 4th, BaFin said.

Because it is having to set aside tax provisions, there is a threat of over-indebtedness, it added.

Story continues below…

In September, German prosecutors searched offices and residences linked to Maple Bank in a probe of serious tax evasion and money laundering connected to dividend stripping

 

For more news from Germany, join us on Facebook and Twitter.

Today's headlines
German populist party in race row over Boateng remarks
Boateng, who has a Ghanaian father, was born and brought up in Berlin. Photo: DPA

A leading member of the right-wing populist Alternative for Germany (AfD) party sparked outrage Sunday after making racist remarks about national football team defender Jerome Boateng.

Dozens hit by lightning strike in west Germany
Witnesses to the lightning strike said it came out of the blue. Photo: DPA

35 people were injured in the west German village of Hoppstädten when lightning struck the pitch at the end of a children's football match.

Dresden 'most woman-friendly’ city in Germany
Photo: DPA.

Sorry Berlin, you're not the most progressive city for women, according to a new report.

The future belongs to these 10 German regions
This east German city won the 'most improved' category. Photo: DPA

A new study shows that one city above all will dominate the future of Germany, but if you're canny you might still want to think about moving to Leipzig or Erfurt.

Fugitive ex-terrorists 'on huge crime spree' in north Germany
(L-r): ex-RAF members Volker Staub, Daniela Klette, and Burkhard Garweg. Photo: BKA

In their struggle against capitalism they once murdered businessmen and politicians. Now three ex-terrorists have taken to robbing supermarkets - and rather successfully, too.

Scooter singer finally reveals how much the fish cost
H.P. Baxxter. Photo: DPA

It is the question Germans have wanted to know the answer to for almost two decades - and now they have the answer, thanks to a US talkshow host.

'I'm definitely not a paedophile': disgraced MP
Former MP Sebastian Edathy is in hiding after a child pornography scandal destroyed his career. Photo: DPA

Former MP Sebastian Edathy quit his job and left Germany after videos of naked children were found on his computer.

Weekend promises storms, humidity - and a bit of sun
A storm in Cuxhaven last weekend. Photo: DPA

The forecast for the coming days isn’t the pristine blue skies many of us are longing for. But, in among the storms, the sun will still peek out.

Prosecutors take aim at unedited Hitler book
An original edition of 'Mein Kampf' featuring a photo of Hitler on an inside cover. Photo: DPA

German prosecutors said on Thursday they were investigating whether to bring charges against a publisher who has promised to print a version of Adolf Hitler's anti-Semitic manifesto "Mein Kampf" without annotations.

VW bets on battery factory for electric car dominance
A VW logo is seen in front of a plugged-in electric car. Photo: DPA

Scandal-hit car giant Volkswagen is set to sink huge sums into building a factory for batteries to power its future electric cars, German media reported on Friday.

Sponsored Article
Eat, learn, live: unforgettable holidays in France
Society
Pegida enraged by black children on chocolate bars
Health
New father's tragic herpes warning touches 1000s online
National
Monsanto takeover would be 'diabolical': environmentalists
Lifestyle
10 fascinating facts you never knew about Berlin
Politics
MP recites explicit Erdogan bestiality poem on live TV
National
China beats Germany in readiness to help refugees
Hamburg
Headless Lübeck corpse turns out to be discarded sex doll
National
Pensioner claims to have found hidden Nazi nukes
Business & Money
Here's why Munich is worth 20 times more than Berlin
Culture
Five sure-fire ways to impress Germans with your manners
Lifestyle
6 things about Munich that will stay with you forever
Technology
Church plans to connect with faithful at Wi-Fi 'Godspots'
Technology
Online hate speech can cost users thousands of Euros
Society
Bavarians in rush for non-lethal weapons licenses
Sport
Here's Germany's Mannschaft for Euro 2016
Culture
The Syrian pianist playing his way into Germans' hearts
The parrot who flew fast enough to trigger a speed camera
Technology
New law could let free Wi-Fi bloom across Germany
Politics
Berlin's plans to beef up the German army
Sport
Lufthansa's Euro 2016 ad takes aim at England
National
Supermarkets must pay massive fine for fixing beer prices
National
4/20: Five things to know about weed in Germany
Berlin
Police break up hipster swarm at vegan restaurant opening
7,827
jobs available
Toytown Germany
Germany's English-speaking crowd