NordLB opts for state owners' proposed rescue plan

The German bank has turned down offers from two investors for a minority stake to instead recapitalize the bank with funding from federal states and regional banks. The bank is also selling a portfolio of non-performing shipping loans.

Photo: PR/NordLB

The owners of German bank NordLB faced a choice in the efforts to rehabilitate the bank's finances, as it needs EUR 3.5 billion to cover impairments on non-performing loans to the shipping sector.

There was an offer on the table submitted by two investors interested in a minority stake in the bank. The investors have previously been reported to be US-based Cerberus Capital Management and Centerbridge Partners.

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