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Germany’s LBBW faces possible 800 mln eur of subprime-linked writedowns – report

Germany’s LBBW faces possible 800 mln eur of subprime-linked writedowns – report

FRANKFURT (Thomson Financial) – LBBW, Germany’s biggest public sector bank, is faces possible writedowns of more than 800 mln eur related to credit turmoil, Financial Times Deutschland reported.

It cited people close to the bank as saying LBBW told its shareholders, which include the regional state and the city of Stuttgart, about the losses last week.

LBBW had been widely seen as the strongest of Germany’s Landesbanken and the likely buyer of Duesseldorf-based rival WestLB.

tf.TFN-Europe_newsdesk@thomson.com

jms

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