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German court orders Greensill Bank windup, after British parent′s insolvency filing | News | DW


German court orders Greensill Bank windup, after British parent s insolvency filing
Insolvency proceedings at Greensill Bank, sought by Germany s BaFin financial regulator, now have court backing as German municipalities fear hefty deposit loses.
The Bremen bank entered insolvency last week
A German court appointed an insolvency administrator to Greensill Bank on Tuesday, as requested by BaFin, Germany s previously criticized financial regulator.
Specialist lawyer Michael Frege will wind up the bank, reportedly with €3.6 billion ($4.3 billion) at stake from depositors attracted by margins above Europe s negative interest rates.
The previously obscure Bremen bank entered insolvency last week after Greensill Capital, a Britain-Australian financier headquartered in London, lost insurance coverage for its short-term debt repackaging business. ....

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SCF market hopes to avoid contagion risk as Greensill empire collapses


Industry insiders are hopeful that access to funding and insurance will remain resilient across the wider supply chain finance (SCF) market, despite the disastrous collapse of London-based behemoth Greensill.
Though Greensill’s demise is rooted in its exposure to GFG Alliance, a network of companies linked to metals magnate Sanjeev Gupta, its collapse last week was
There had been hopes that despite Greensill filing for administration in a London court on Monday, private equity investors would be able to
salvage the company’s SCF business, which sources describe as robust and insulated from the company’s GFG-related activities.
But as of press time, serious doubts are arising over that proposed acquisition, opening up the possibility that other SCF providers and funders could be called upon to step into the ....

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