Wirecard’s insolvency is inflicting pain on some banks who lent to the once-highflying German fintech.

Some of Europe’s largest lenders anticipate recovering as little as 20% of the almost $2bn they are owed, according to people familiar with the loans. Meanwhile, some banks seeking an exit from their portion of the loan are challenged to find buyers at cents on the euro even as Wirecard’s insolvency administrator seeks to sell the company’s assets to pay off debt.