1. WestLB Holders add Funds.
- Author
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Dauer, Ulrike and Arends, Hilde
- Subjects
- *
STOCKHOLDERS , *BANKING industry , *BANKING industry finance , *FINANCIAL risk , *RISK aversion , *STRUCTURED notes (Securities) - Abstract
The article reports on the provision of an additional €3 billion fund to German bank WestLB AG by its shareholders. The move is part of the efforts by the shareholders to protect the bank from further subprime risks. The additional fund will cover the risks of the bank in its structured securities portfolio. It notes that the shareholders, including the state of North Rhine-Westphalia and two regional savings bank association, have urged the bank to cut its costs by €300 million a year.
- Published
- 2008