Deutsche Bank vows not do future business with Trump

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Germany’s Deutsche Bank said it would not be involved in any future business activities with outgoing American president Donald Trump or his companies in the wake of his supporters’ assault on the US Capitol, Reuters reported quoting the New York Times.

Deutsche Bank is the biggest lender of Trump, with outstanding credits disbursed to Trump Organization totaling some $340 million.

The structure is known as, the president’s umbrella group and at the moment is overseen by his two sons. The latter was confirmed by Trump’s disclosures with the US Office of Government Ethics dated 31 July 2020. Banking sources have also confirmed the facts.

The move, reported by the NYT and citing a person familiar with the bank’s thinking, comes as Signature Bank - where Trump’s ethics disclosures show he has checking and money-market accounts - called for him to step down.

“The resignation of the president ... is in the best interests of our nation and the American people,” Signature Bank said on its website. A spokesman for Deutsche Bank declined to comment on the NYT report. The Trump Organization did not immediately respond to an email seeking comment outside normal business hours, and the White House press office did not answer the phone. Christiana Riley, the head of Deutsche Bank’s U.S. operations, condemned the Jan. 6 violence in Washington in a post on LinkedIn last week.

“We are proud of our Constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place,” she wrote.

Reuters reported in November that Deutsche Bank was looking for ways to end its relationship with Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties. Trump’s loans with Deutsche are for a golf course in Miami and hotels in Washington and Chicago.

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