Bundesanstalt für Finanzdienstleistungsaufsicht (BAFin), the new German &quotsuper-regulator&quot, has shut Gontard & Metallbank, the tradition-rich Frankfurt private bank, because of a capital shortfall of nearly €20m ($18m).

Gontard & Metallbank had until the summer to find an investor prepared to stump up a €24.6m capital increase, but negotiations had proved fruitless.

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BAFin shuts Gontard & Metallbank

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