Germany: Commerzbank tells German lawmakers it was a victim of Wirecard fraud

A top manager at Commerzbank told German lawmakers on Thursday the bank was a victim of fraud surrounding the collapsed payments company Wirecard, as he laid out how the lender was deceived by executives and auditors.

Marcus Chromik, Commerzbank’s chief risk officer, told a parliamentary committee that the bank agreed to extend credit in 2018 to Wirecard based on assurances about the company’s prospects by top executives, as well as the testimonials of auditors.

Commerzbank internally carried out its own careful analyses, he said.

“There were no signs of accounting discrepancies,” said Chromik, one of several senior bankers to field questions at the investigative committee into Wirecard on Thursday.

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(Photo: REUTERS/Ralph Orlowski)

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