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(Reuters) - Germany's state development bank KfW could lose 100 million euros ($112.17 million) after payments company Wirecard filed for insolvency, a spokesman said on Saturday.
KfW subsidiary Ipex Bank lent Wirecard the sum two years ago Boersen Zeitung newspaper first reported. The funds were fully drawn down but were not hedged by Ipex, the KfW spokesman confirmed on Saturday.
"Ipex threw 100 million euros into the fire," the KfW spokesman, who declined to be named, told Reuters.
KfW subsidiary Ipex Bank lent Wirecard the sum two years ago Boersen Zeitung newspaper first reported. The funds were fully drawn down but were not hedged by Ipex, the KfW spokesman confirmed on Saturday.
"Ipex threw 100 million euros into the fire," the KfW spokesman, who declined to be named, told Reuters.