Deutsche Bank executives were reportedly looking to offload President Donald Trump‘s loans as part of an effort to cut the institution’s financial ties to him after the U.S. election.
Three unnamed senior officials at the investment bank told Reuters that it was tired of the negative publicity around its relationship with the president, which has come under the scrutiny of multiple investigations.
However, they told Reuters discussions about offloading the $340 million of outstanding Trump loans in a secondary market did not progress because there was no clear demand from potential buyers, in part due to the problems surrounding the debt.
The loans are to the Trump Organization, the president’s umbrella group of about 500 business entities, according to filings made to the U.S. Office of Government Ethics in July, and Reuters.
Two of the officials also told the news agency that the three loans are personally guaranteed by Trump, which may mean foreclosing on the president or seizing his assets if he is unable to pay them back or refinance the debt.
However, demanding the money back soon becomes more difficult if he is re-elected as president, so Deutsche is reportedly awaiting the election result before taking any action to claw back the loans and end its relationship with Trump, which began in the 1990s.
In August, New York prosecutors subpoenaed Deutsche Bank as they sought financial records that Trump had provided to the lender, according to a New York Times report.
Manhattan District Attorney Cyrus Vance Jr., a Democrat, wanted eight years of the president’s personal and corporate tax records.
“This is just a continuation of the witch hunt. It’s Democrat stuff,” Trump told reporters at the White House following the report. “They failed with Mueller. They failed with everything. They failed with Congress. They failed at every stage of the game.”
The next month, Trump refuted another Times report that claimed he only paid $750 in federal income taxes for two years. The newspaper had said it had seen tax-return data going back more than 20 years.
At the time, Norman Ornstein, resident scholar at the conservative American Enterprise Institute’, tweeted: “If I were Deutsche Bank executives who gave loans to Trump when no one else would…I would be very, very nervous right now.”
At a White House news conference, Trump called the story “totally fake news. Made up, fake.”
Newsweek has reached out to The Trump Organization and the White House for comment. Deutsche Bank declined to comment.