Germany's LBBW to receive euro 5bn injection
Landesbank Baden-Wuerttemberg, Germany's largest state bank, said Friday it will receive a euro5 bn ($6.3 bn) cash injection from its shareholders.
By Agencies |
BERLIN: Landesbank Baden-Wuerttemberg, Germany's largest state bank, said Friday it will receive a euro5 bn ($6.3 bn) cash injection from its shareholders.
The bank said it had vowed to strengthen its capital base during its shareholders meeting Friday. The bank's biggest shareholder is the southern state of Baden-Wuerttemberg.
``LBBW will become noticeably strengthened and will be able to continue its role as a dependable middle-tier business lender,'' said Guenther Oettinger, the governor of Baden-Wuerttemberg and the chairman of the banks' bearer shareholders.
``This, in light of the current situation, is very important to the economy of Baden Wuerttemberg,'' Oettinger said.
In late October the bank had said that despite the global economic downturn, it would not need additional capital or state help.
The bank said it had vowed to strengthen its capital base during its shareholders meeting Friday. The bank's biggest shareholder is the southern state of Baden-Wuerttemberg.
``LBBW will become noticeably strengthened and will be able to continue its role as a dependable middle-tier business lender,'' said Guenther Oettinger, the governor of Baden-Wuerttemberg and the chairman of the banks' bearer shareholders.
``This, in light of the current situation, is very important to the economy of Baden Wuerttemberg,'' Oettinger said.
In late October the bank had said that despite the global economic downturn, it would not need additional capital or state help.
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