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’BayernLB faces loss in Austria
BayernLB said on Tuesday it expected a second straight loss of more than €1bn ($1.5bn) this year despite an improvement in 2009 for Germany’s second-largest public sector bank. The admission comes after BayernLB lifted Q3 risk provisions substantially and warned that its Austrian subsidiary,
BayernLB raided in probe
Prosecutors in Munich searched BayernLB’s offices on Wednesday as they probed the conduct of a former chief executive of Germany’s second-biggest Landesbank. The raids were part of “extensive investigations” into BayernLB’s former chief executive in connection with the bank’s purchase of a majority stake in Hypo Group Alpe Adria,
Bad loans to hit Landesbanken
Some of Germany’s biggest public-sector banks are likely to reveal steep rises in loan loss provisions this week despite optimism about German economic recovery. BayernLB and Landesbank BadenWürttemberg,
BayernLB set for €10bn bail-out
The regional state of Bavaria is set to inject up to €10bn ($12.6bn) into BayernLB, in another sign that Germany’s ailing public sector banks are seeking alternatives to the federal government’s bail-out plan to avoid a forced consolidation.
BayernLB first lender to tap €500bn rescue fund
BayernLB is set to become the first German financial institution to accept assistance from the government’s €500bn rescue package. Erwin Huber told the newspaper Bild that the bank’s supervisory board,
How Pfandbriefe saved the day
BayernLB, became, on Thursday, the latest of the German Landesbanken to post another damaging loss. At $6.7bn the writedown isn’t big by international standards, but relative to size, it’s large enough.
BayernLB reveals €4.3bn in writedowns
The crisis in German state banking sparked by subprime investments deepened Thursday when BayernLB revealed writedowns of €4.3bn ($6.7bn) and called on its owners to protect it from further losses. Along with SachsenLB and WestLB,
A Landesbanken M-LEC?
Here’s a big bad round number: Germany’s four Landesbanks together have total exposure of €80bn to potentially toxic US subprime and they are now considering setting up a special purpose vehicle to hold all the infected paper.
More trouble ahead for German Landesbanken
Germany’s banks are in a mess. Two of the smaller Landesbanks, SachsenLB and IKB, were the first casualties of the credit crunch – imploding as they did way back in August.
Focus shifted when things started to go awry elsewhere in the world.
WestLB to slash jobs ahead of merger
WestLB, the German bank that lost €604m ($861m) from its proprietary-trading business during the credit crisis, is preparing to cut as many as 600 jobs in its home market as it paves the way for a merger with a rival,
JC Flowers ‘vying’ for WestLB
US private equity group JC Flowers is keen to expand its presence in German state-backed banks by buying the 38 per cent stake in the ailing Landesbank WestLB held by the German state of North Rhine-Westphalia (NRW),