HSH Nordbank said it expected to draw on €2.1bn in state guarantees, marking the second time in a year that the German Landesbank has raised its estimate of how much public aid it will need.
The world’s largest provider of shipping loans had to be bailed out by its state owners, Hamburg and Schleswig Holstein, after the financial crisis precipitated a collapse in global trade, which in turn put pressure on shipping groups and caused large numbers of shipping loans to go bad.
The north German bank is supported by a €10bn state guarantee that is still awaiting final approval from the European Commission.
Monday, April 06, 2015
Publicada por Miguel Madeira em 11:04