Germany’s financial regulator triggered compensation for depositors in Greensill Bank AG after determining the lender can’t repay all of the cash.
BaFin, as the watchdog is known, said a group of commercial banks in the country will now examine depositors’ claims and pay them the amounts they’re eligible for. Earlier on Tuesday, a German court in the city of Bremen opened insolvency proceedings for Greensill Bank at BaFin’s request.
