Germany's state development bank KfW could lose 100 million euros ($112.17 million) after payments company Wirecard filed for insolvency, a spokesman said on Saturday.
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder/File Photo
KfW subsidiary Ipex Bank lent Wirecard the sum two years ago Boersen Zeitung newspaper first reported. The funds were fully drawn down but were not hedged by Ipex, the KfW spokesman confirmed on Saturday.
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