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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.

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