Investment Banking

Commerzbank takes hit over exposure from Wirecard

A $200m write-down is the latest in a string of problems facing Germany’s second-largest lender

Commerzbank AG , Germany’s second-largest lender, took a big financial hit from its exposure to fintech firm Wirecard.

The lender said Wednesday that it wrote off €175m ($207m) in the second quarter related to a large single case. While it didn’t name the case, a person familiar with the situation said it was Wirecard. The charge came on top of €131m it took from the effects of the coronavirus pandemic.

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