German unit of Canada's Maple Bank closed

German authorities have ordered the closure of Maple Bank after the Canadian-owned company was investigated for alleged tax evasion and money laundering. Maple Bank, based in Frankfurt, Germany, is part of Canada's Maple Financial Group.

The Federal Financial Supervisory Authority said Sunday that it has forbidden Maple Bank from making payments or selling assets "due to impending financial over-indebtedness."

The watchdog, known as Bafin, also banned the bank from taking customer payments other than those made to repay debts. It says the bank, with assets of 5 billion euros ($5.58 billion) and liabilities of around 2.6 billion euros ($2.9 billion), will have to put aside funds to cover tax payments. Authorities launched a tax probe of Maple Bank last September.