Deutsche Bank reportedly refused Trump a loan during the 2016 campaign after considering the possibility that they would have to seize assets of a president

Trump MAGA hat

  • Deutsche Bank turned down a loan request made by President
    Donald Trump during the 2016 campaign, The New York Times
    reported. 
  • Given Trump’s campaign rhetoric, the German lender was worried
    that public knowledge of a new financing arrangement would hurt its
    reputation, the report said. 
  • Two House of Representatives committees are investigating
    Deutsche Bank’s longtime ties to Trump. 

Deutsche
Bank
refused Donald Trump a loan during the 2016 campaign
partly out of concern that he was too divisive a candidate,

The New York Times
reported on Saturday. 

The then-Republican candidate sought the loan for the Trump
Organization to finance work on a golf property in Turnberry,
Scotland, the report said.

The request was examined by the bank’s top brass, including
Christian Sewing, the former head of the wealth management unit who
is now CEO. They concluded that Trump’s campaign rhetoric made him
a risky borrower, and public knowledge of the loan arrangement
could hurt the bank’s reputation. They also weighed the risks of
the possibility that the bank would have to seize a president’s
assets in the event of a loan default, the Times reported.

A spokesperson for Deutsche Bank did not immediately respond to
a request for comment made outside normal business hours. 

Deutsche Bank and Trump have a longtime financial
relationship and had other loans outstanding when the
campaign-season request was made. Trump previously tapped
Deutsche’s private-banking unit to finance his Chicago
skyscraper.

The Times’ report came barely a week after Deutsche Bank
disclosed that the US House Financial Services and Intelligence
Committees had sent the lender
inquiries
regarding its ties to Trump.

And that’s not the only such inquiry into Deutsche Bank’s
business. The firm has been named at the center of a $150 billion

money laundering scandal
centered on Danske Bank’s operations
in Estonia. It’s alleged that Deutsche Bank processed a large chunk
of money for Danske Bank from Russia into international markets via
Tallinn between 2007 and 2015. Deutsche’s shares have tanked by
more than 50% over the past year.


Head over to The New York Times for the full story.

 

SEE ALSO: The
world’s most accurate economic forecaster shares the major risk he
views differently from most experts — and how investors can
profit from it


Join the conversation about this story »

NOW WATCH:
The founder of the World Economic Forum shares what he sees as the
biggest threat to the global economy

Source: FS – All – Economy – News
Deutsche Bank reportedly refused Trump a loan during the 2016 campaign after considering the possibility that they would have to seize assets of a president