Business
Greensill Bank: 26 German towns band together to save $390m in losses – The Australian Financial Review
Some 26 German towns had deposits with Bremen-based Greensill Bank – and risk losing $390 million in funds from the insolvent bank owned by Greensill Capital.
Frankfurt | Some 26 German towns facing 255 million euros ($390 million) in losses are combining forces as they seek to recover funds in the insolvency proceedings of Greensill Bank, a town coordinating the effort said on Tuesday.
A German court earlier on Tuesday opened insolvency proceedings for Greensill Bank, owned by Britains Greensill Capital. The Bremen, Germany-based lender was locked down by German financial regulator BaFin this month with a warning that there was an imminent risk that…
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