Deutsche Bank AG and Signature Bank, two of Donald Trump’s favorite creditors, are moving away from the billionaire president in the wake of last week’s deadly turmoil on the United States Capitol.
The German creditor decided not to do any more business with Trump and his company, two people with knowledge of the matter said, asking not to be identified because the deliberations were confidential. Trump owes the Frankfurt-based lender more than $ 300 million.
Signature Bank, a New York lender who has long looked after his family, is closing two personal accounts in which Trump held about $ 5.3 million, a company spokesman said on Monday. It also asks the president to step down before his term officially ends on January 20.
“We believe that the appropriate action would be the resignation of the U.S, which serves the best interests of our nation and the American people, ”the bank said in a separate statement on Monday.
Creditors are accompanying the media and other companies in suspending ties with the president after he encouraged participants at a rally last week to march on the Capitol, where they stormed the building and interrupted the polling station’s vote certification. At least five people died in the chaos and the immediate aftermath.
“Yesterday was a dark day for America and our democracy,” Christiana Riley, director of Deutsche Bank Americas, posted on LinkedIn the day after the turmoil. “We are proud of our Constitution and we support those who seek to defend it to ensure that the will of the people is maintained and a peaceful power transition occurs.”
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The signature bank served Trump and others in its orbit, including Ivanka Trump, Jared Kushner and Michael Cohen. In 2011, the bank appointed Ivanka to its board, but she left office a few years later. The New York Times reported the cut of relations on Monday.
“We had never made comments on any political issue and hope never do that again, ”said Signature in its statement. The bank will not do business in the future with any member of Congress who voted to disregard the electoral college, the spokesman said.
Deutsche Bank said last month that Trump’s longtime banker resigned. Rosemary Vrablic, who worked in the private banking division, helped manage Trump’s relationship with the bank while the German lender lent hundreds of millions of dollars to Trump’s company over several years. This relationship subjected the creditor to pressure from lawmakers and prosecutors for information during Trump’s presidency.
The Trump Organization currently still has three loans worth about $ 300 million outstanding with the bank. They expire in 2023 and 2024.
Deutsche Bank has faced scrutiny over its ties to Trump during his presidency. He was so concerned about his exposure after his election that he considered he restructured the loans, but decided not to do new business with him during his presidency, Bloomberg reported.
(Updates with the comment from the Deutsche Bank executive in the sixth paragraph, details of the creditor’s relationship with Trump in the final two paragraphs.)