German-Bank-chief: Sewing sees a high hurdle for the purchase of Wirecard Share

Deutsche Bank head Christian Sewing dampens the expectations to a possible purchase of Parts of the insolvent payment service provider Wirecard. Of course, the

German-Bank-chief: Sewing sees a high hurdle for the purchase of Wirecard Share

Deutsche Bank head Christian Sewing dampens the expectations to a possible purchase of Parts of the insolvent payment service provider Wirecard. Of course, the payment technology is interesting for the Deutsche Bank as one of the leading banks in the payment transactions in the world, said Sewing on Tuesday in a video conference. "If there is a potential opportunity to deal with technology, we assess, of course."

Sewing emphasised, however, that acquisitions would have to always create value for the shareholders. But above all, the new parts would have to be better than the private offer. "This is a high hurdle," said Sewing.

Wirecard handles cashless payments for merchants to store funds, such as online. The company, based in Aschheim near Munich, had not given that 1.9 billion euros, which had accounted for Wirecard on Trustee accounts, there exist very likely. Meanwhile, for nearly two years in Dax-listed payment service provider, has filed for bankruptcy. The belonging to the group, Wirecard Bank is not part of the bankruptcy proceedings.

coordination with the insolvency administrator

The Deutsche Bank had signaled last week that it wants to access the Wirecard Bank in accordance with the accounting scandals of the parent group may be financially under the arms. "We can imagine, in principle, to grant in the framework of the continuation of the business activities of these support, if it should be necessary", said a Deutsche Bank spokesman.

exactly How the German Bank would provide such support and to what magnitude it would be said also Sewing on Tuesday specifically. The Deutsche Bank is, among other things, in coordination with the Supervisory authorities and the provisional Wirecard insolvency administrator, "in order to examine whether there could be a role for the stabilization of the Situation, and on whether the German Bank there is a Chance". More let at the present time not to say, led Sewing.

Updated Date: 07 July 2020, 09:20

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