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-Germany's NordLB completes EUR1.67bn capital increase.

Global Banking News-December 30, 2011--Germany's NordLB completes EUR1.67bn capital increase(C)2011 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 30 December 2011

German state-controlled lender NordLB has said that it has completed a capital-hike totalling EUR1.67bn, as planned.

The capital hike is aimed at achieving a 9 percent core Tier-one capital ratio by June 2012, as stipulated by the European Banking Authority. The state of Lower Saxony contributed around EUR1.07bn by converting non-voting shares and other instruments into core equity capital.

Lower Saxony contributed EUR500m, while savings banks in the states of Lower Saxony, Mecklenburg-West Pomerania and Saxony-Anhalt contributed a total of EUR100m.

Following the measures the ownership structure has changed, Lower Saxony holds around 56 percent in NordLB, up from 42 percent. The second-largest owner, the savings banks in Lower Saxony holds 28 percent, down from 37 percent previously, while the state of Saxony-Anhalt holds around 6 percent, down from about 8 percent. The savings banks in Saxony-Anhalt also hold 6 percent, compared with 8 percent. The state of Mecklenburg-West Pomerania holds around 4 percent, down from 5 percent.

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Publication:Global Banking News (GBN)
Date:Dec 30, 2011
Words:206
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