FinTech Group AG / Key word(s): Miscellaneous
Disclosure of an inside information according to Article 17 MAR of the Regulation (EU) No 596/2014
FinTech Group Bank AG accounts precautionarily for a loan loss provision on factoring receivables due to a potential fraud in the amount of six million euro
Frankfurt/Main, December 21, 2018 - FinTech Group Bank AG, a subsidiary (100%) of FinTech Group AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) accounts for a loan loss provision in the amount of six million euro.
For years, FinTech Group Bank has purchased receivables - collateralised against credit default risks - against one of Germany's largest retail companies with highest credit rating. Due to a potential case of fraud, that had been discovered during the insolvency of the supplier and seller of the receivables, the purchased receivables might be affected. Regardless of the insured credit default risk the Management decided to account for a loan loss provision in the amount of six million euro precautionarily due to the verity risk (risk associated with the legal validity of the receivables, e.g. due to fraud).
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FinTech Group AG
+49 69 450001 1701
|Company:||FinTech Group AG|
|60327 Frankfurt / Main|
|Phone:||+49 (0) 69 450001 041|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange|
|End of Announcement||DGAP News Service|