November 23, 2012 / 9:50 AM / 8 years ago

BayernLB to present details of bailout repayment plan: source

MUNICH (Reuters) - German bank BayernLB BAYLB.UL will release details of its plan to repay several billion euros of state funds later on Friday, a person familiar with the matter said.

In July, BayernLB agreed to repay 5 billion euros ($6.4 billion) in state aid by 2019 and halve the size of its balance sheet, seeking to win European Union regulatory approval for a bailout of the German lender.

German radio station Bayerischer Rundfunk reported that the lender will also announce an initial payment of a three-digit million euro sum.

BayernLB ran into trouble in 2008 after risky investments turned sour in the financial crisis.

The state of Bavaria injected 10 billion euros in fresh capital, boosting its holding to 94 percent.

($1 = 0.7761 euros)

Reporting by Jens Hack; Writing by Maria Sheahan; Editing by Martin Zwiebelberg and Mark Potter

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below