Federal regulator takes permanent control of Maple Bank's Canadian branch assets
The $100 bill is shown in Toronto, on Monday Nov. 14, 2011. (THE CANADIAN PRESS/Nathan Denette)
The Canadian Press
Published Monday, February 15, 2016 4:55PM EST
OTTAWA -- The federal banking regulator says it is taking permanent control of the assets of the Canadian branch of German-based Maple Bank GmbH.
The Office of the Superintendent of Financial Institutions is also asking the Attorney General of Canada to apply for a winding-up order with respect to these assets.
OSFI said last week that it was temporarily taking control of the assets of Maple Bank's Canadian branch.
That was after a German regulator suspended the lender's activities following investigations into certain trading activities during the 2006-2010 taxation years.
OSFI says an insolvency administrator was appointed in Germany last week to handle the winding up of Maple Bank GmbH.
Maple Bank's main business at its Toronto branch was securitization, securities financing and structured secured wholesale lending.
Its deposits are not covered by Canada Deposit Insurance Corp. insurance.