Business News
Germany's state-owned BayernLB faces billion-dollar loss
Nov 10, 2009, 10:58 GMT
Munich - Troubled German state bank BayernLB warned Tuesday that it will post a more than 1-billion-euro (1.5-billion dollar ) loss this year as it battles mounting risk provisions at its Austrian offshoot.
Germany's second biggest state bank said the expected write downs and credit losses at Hypo Group Alpe Adria would 'burden to a considerable extent' its fourth-quarter earnings. However, it is did provide any details.
Hypo Group Alpe Adria, which Munich-based BayernLB bought in 2007 for 1.6 billion euros, has called an extraordinary shareholders' meeting for December 10 to consider a possible capital increase.
BayernLB has emerged as one of the more prominent German banking victims of the global financial crisis having already received 10 billion euros from the Bavarian state government to help shore it up in the face of the upheaval that has gripped the world financial sector over the last 2 years.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
