Business
Greensill’s unravelling intensifies as German regulator shuts bank – The Australian Financial Review
BaFin temporarily shuttered Bremen-based Greensill Bank, banning it from accepting payments or making sales, in order to secure its assets.
Meanwhile in Britain, the Bank of England said it was working with Mr Guptas own arms-length bank, Wyelands, to return all the institutions retail deposits – as much as £726 million ($1.3 billion). The bank is restructuring, after a £75 million cash injection from the steel tycoon.
The Greensill Bank closure, which is expected to last at least six weeks, puts another handbrake on the broader Greensill groups ability to fund its supply-chain finance and receivables-lending operations.
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