2ND Three German banks tap state funds for aid - Summary
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Fri, 21 Nov 2008 21:48:13 GMT |
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Berlin - Three reeling German banks tapped state funds for billions of euros in aid Friday. Hamburg-based HSH Nordbank said SoFFin, a federal government agency which has a 480-billion-euro war chest, had agreed to provide it with up to 30 billion euros (37 billion dollars) in guarantees to rescue it. Chief executive Dirk Jens said the shareholders, which include two German states - Hamburg and Schleswig-Holstein, would also provide equity to the battered institution that announced weeks ago it was seeking SoFFIn aid. Another of Germany's nine landesbanks, which are run by various state governments, said its state, Baden-Wuerttemberg, would give it a 5-billion euro (6.3-billion-dollar) capital injection. Shareholder sources told Deutsche Presse-Agentur
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