The German financial sector watchdog, BaFin, said Sunday it has shut down the German arm of Canadian lender Maple Bank until further notice due to looming over-indebtedness. Bafin said in a statement that it had imposed a so-called "moratorium" on Maple Bank GmbH, closing it down for customers and barring it from taking payments not related to redemption of debt.
Because the lender is tiny with total net assets of just 5.0 billion euros ($5.6 billion), it poses no threat to the financial stability of the country, BaFin said.
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