FRANKFURT, Feb 7 (Reuters) - German financial watchdog Bafin
on Sunday closed the German operations of Canada's Maple
Financial on impending financial over-indebtedness.
Bafin said in a statement that it barred Maple Bank GmbH
from taking payments not related to redemption of debt, adding
that the lender with 5 billion euros ($5.58 billion) in assets
posed no threat to the financial stability of the country.
Maple Bank shot to fame in Germany in 2008, when the lender
helped Porsche PSHG_p.DE in its takeover attempt of Volkswagen
VOWG_p.DE , which eventually led to the acquisition of the
sports car maker by Europe's leading car manufacturer.
Maple Bank specialises in equities and derivatives trading
and as of Feb. 4 had 2.6 billion euros in liabilities mainly
with institutional clients, whose deposits of up to 100,000
euros will be safeguarded by Germany's deposits protection
scheme.
Bafin also said that once Maple Bank will have made
necessary tax provisions, over-indebtedness loomed.
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.
($1 = 0.8961 euros)