Sunday, May 26, 2024

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.



Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

Recent Articles

Related Stories

sakarya escort bayan Eskişehir escort bayan