Court in Bremen opens insolvency proceedings for Greensill Bank: statement

March 16, 2021 11:19 AM EDT

FILE PHOTO: Logo of Greensill Bank is pictured in downtown Bremen, Germany, March 10, 2021. REUTERS/Fabian Bimmer

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FRANKFURT (Reuters) - A district court in Bremen said on Tuesday that it had opened insolvency proceedings for Greensill Bank.

Germany's financial regulator had submitted a filing on Monday to the court to start insolvency proceedings, the court said earlier on Tuesday.

Greensill Capital's insolvency administrators Grant Thornton declined to comment. BaFin wasn't immediately available for comment.

Greensill Bank was locked down by BaFin this month with a warning that there was an imminent risk that its debt would become unmanageable. The regulator also questioned some of the bank's financial accounts.

The bank's owner, Greensill Capital, entered insolvency last week after losing insurance coverage for its debt repackaging business.

(Reporting by Tom Sims, editing by Kirsti Knolle)

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