German investment bank Deutsche Bank is the latest organization to decide that it will terminate business with the US president or his companies, the BBC reports.
As the primary lender to the Trump Organization, the bank’s move could hit the Trump family wallet where it hurts.
It comes as several other entities that have been crucial to the growth of the Trump brand – from Twitter to the Professional Golfers’ Association – are severing ties.
The bank has so far declined to comment on the matter, though reports say it will no longer do future business with the president.
In the 1990s, as Trump reeled from a series of bankruptcies, Deutsche Bank was the only lender that did business with him.
When he sued the bank’s real estate division in 2008 after defaulting on a $40M (£29M) loan repayment, its private wealth division loaned him money to pay off the existing debt, according to Newsweek.
The bank has also been pulled into investigations by Democrats in Congress into Trump’s financial dealingsas well as into investigations into the Trump Organization by state prosecutors in New York, where Trump used to live.
The Trump Organization is reported to owe Deutsche Bank about $340M (£249M) in outstanding loans, which are due in the next few years.
Meanwhile, another of Trump’s main lenders – Signature Bank – is saying it will close his two personal accounts.
