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OSFI wanted Maple Financial's German unit liquidated following insolvency case

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OSFI wanted Maple Financial's German unit liquidated following insolvency case

Canada'sOffice of the Superintendent of Financial Institutions wanted to have Frankfurtam Main, Germany-based Maple BankGmbH liquidated following German financial regulator BaFin'sinsolvency proceeding against the bank, Bloomberg News reported July 14, citingan internal memo.

TheToronto-based Maple FinancialGroup Inc. unit is being investigated for tax evasion in Germany.BaFin placed a moratoriumon the business operations of the bank in February, as the formation ofrequired provisions for tax liabilities puts the bank at risk of a balancesheet deficit.

Accordingto the news outlet, OSFI Assistant Superintendent Jamey Hubbs wrote in the memothat liquidation was the "best avenue to protect depositors and creditorsof the Canadian branch," as there was concern that Canadian assets couldbe used to satisfy the liabilities of the German branch.

Assets ofthe Canadian branch of Maple Bank went under the temporary supervision of theOSFI on Feb. 10, while the winding-up order for the branch was granted Feb. 16.