Two states inject 3 billion euros into HSH Nordbank of Germany
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Wed, 20 May 2009 21:41:45 GMT |
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Hamburg - Shareholders in HSH Nordbank, one of Germany's stumbling state-owned banks, voted Wednesday for a new equity issue that requires two states to inject 3 billion euros (4 billion dollars) into the business to bring it back from the brink. The institution, one of Germany's so-called landesbanks, which are key vehicles for investment and business development by Germany's 16 states, has accumulated net debts of 2.7 billion euros. The cash injection will come from the states of Hamburg and Schleswig-Holstein. Without the aid agreed in Hamburg, the bank would have likely been closed down next month by German regulators. Shareholders JC Flowers and German savings banks said they would stand aside from the rights issue, which will dilute their stakes.
Copyright DPA
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