FRANKFURT (Thomson Financial) - German state-owned banks including BayernLB
and WestLB are set to book writedowns in the first quarter, tracking peer HSH
Nordbank, which saw its 2007 profit almost halved by fallout from the financial
market crisis, German weekly magazine Der Spiegel reported, without citing
sources.
BayernLB will likely have to take more than 1 bln eur in additional
writedowns in the first quarter, while WestLB will see another 600-800 mln eur
in writedowns, the magazine said in an excerpt of an article to be published
tomorrow.
maria.sheahan@thomson.com
mas/vs
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