German savers will be hit hard by another bank failure. After the first bankruptcies, the Amsterdam Trade Bank now has to take the same step. Here you can find out what it means.
Next bankruptcy on the European banking market: as reported by “Finanz-szene.de”, among others, the Amsterdam Trade Bank, also known in Germany as FIBR Bank, had to declare bankruptcy. The same fate befell Sberbank Europe, based in Vienna, in March. Both institutions have connections with Russian banks. The parent company of ATB Alfa Bank is currently affected by US sanctions.
According to the Dutch central bank, the Amsterdam Trade Bank recently had 23,000 private deposit clients, 6,000 of whom came from Germany alone. Interested savers will receive a letter from the DNB on how to obtain the refund. You can also find more detailed information at this link.
Amsterdam Trade Bank is insolvent, which is why it affects many German savers
More and more small European financial institutions are refinancing themselves through retail deposits in Germany, which is why savers in this country are also affected by defaults such as Sberbank Europe or ATB. For the German banking sector, this has the advantage of not having to pay the damage.
As Finanz-szene.de writes, the bankruptcy of the Amsterdam Trade Bank had already been reported in recent weeks. Dutch business magazines, for example, have reported a loss of confidence on the part of depositors. Last week there was speculation about a sale of the institution – instead, bankruptcy has now been announced.
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