Deutsche Bank may want to provide financial support to Wirecard Bank after the scandal of the Wirecard parent company. "In principle, we can imagine providing this support as part of the continuation of business activities, should it become necessary," said a Deutsche Bank spokesman. The group is in coordination with the financial regulator Bafin, the temporary insolvency administrator of Wirecard and the Wirecard Bank itself.
Wirecard filed for bankruptcy last week after a billion dollar scandal. Wirecard Bank, which belongs to the group, is not affected. The spokesman did not want to say what exactly the support from Deutsche Bank would look like and what size it could be.
Meanwhile, the German press agency, citing informed circles, reports that one of the most important partners for future projects wants to end its cooperation with Wirecard. According to this, the Japanese softbank group will step out of the cooperation with the Dax company. The partnership announced in April 2019 had two main components: a three-digit million investment by the Japanese and the brokering of new business opportunities, partners and customers to Wirecard.
Contrary to what the name suggests, Softbank is not a bank, but a holding company that participates in startups and future technologies worldwide. Among other things, Softbank wanted to help Wirecard enter the market in Japan and South Korea.
Five Wirecard subsidiaries are also insolvent
Wirecard granted suspected air bookings of 1.9 billion euros at the beginning of last week, and a few days later the bankruptcy application followed. The Munich public prosecutor's office is investigating the CEO Markus Braun and other managers, who initially resigned and were later resigned from the Supervisory Board without notice.
After the parent company Wirecard AG, five subsidiaries have now filed for bankruptcy. They are all based in the Munich suburb of Aschheim. These are companies that offer services and software for the parent company, such as the sales and marketing company Wirecard Global Sales and the software company Wirecard Issuing Technologies.