Reply #24: German regional bank WestLB says it will post billion-euro loss

[ozymandius]

FRANKFURT (AFP) - WestLB, the troubled German regional bank, said Monday it would post a net loss of around one billon euros (1.45 billion dollars) owing to fraudulent stock trades and the US subprime market meltdown.

The third largest regional German bank had previously estimated full-year losses at between 100-500 million dollars.

Core shareholders who met Sunday in the western city of Duesseldorf, agreed to cover the loss and also to write down one billion euros in assets.

That confirmed press reports which said they would inject two billion euros into WestLB.

http://news.yahoo.com/s/afp/20080121/bs_afp/marketsfinancegermanybankingcompanyearningswestlb_080121113745