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Nationalized German lender Hypo Real Estate Holding AG said Friday that it lost euro750 million ($1.08 billion) in the second quarter as hefty loan loss provisions weighed down its performance.
The German government on Thursday launched its effort to nationalize battered lender Hypo Real Estate Holding AG, announcing a voluntary takeover offer worth some euro290 million.
Christopher Flowers, the chief of U.S. private equity firm J.C. Flowers & Co LLC, resigned Friday from the supervisory board of Hypo Real Estate Holding AG, seeking to avoid a conflict of interest as the German government considers whether to buy the troubled bank.
Stricken real estate bank Hypo Real Estate Group secured another euro12 billion ($15.6 billion) in loan guarantees from the German state, bringing its total to euro42 billion as it struggles amid shaky financial markets.
German prosecutors said Saturday they have launched several investigations into suspected insider trading at troubled lender Hypo Real Estate Holding AG.
Troubled German lender Hypo Real Estate Holding AG on Saturday announced plans to cut about 1,000 jobs, more than half its current work force, by 2013 as it cuts costs following a government-backed rescue.
Troubled German lender Hypo Real Estate Group said Tuesday it had requested an additional euro10 billion ($12.9 billion) in loan guarantees from the federal government's financial bailout package to weather the credit crunch.
Troubled German lender Hypo Real Estate said Friday it has been granted euro20 billion ($25 billion) in loan guarantees from a government fund, which comes on top of a previous bailout to stabilize its business amid the financial turmoil.
Troubled German lender Hypo Real Estate reported Monday a net loss of 3.1 billion euros ($4 billion) in the third quarter as the financial crises worsened, with a unit in Ireland hit especially hard by write-downs on the values of its assets.
Hypo Real Estate Holding AG, the commercial lender that got a 50 billion euro bailout from the German government last month, said Wednesday it expects to report a third-quarter pretax loss of 3.1 billion euros ($3.9 billion) because of more write-downs at its Irish bank.
Hypo Real Estate Holding AG said the German government approved its request for a 15 billion euro ($19.6 billion) credit line, meant to guarantee its debt until it receives a larger bailout in a few weeks.
Merkel pushes bank rescue to avert wider financial crisis Chancellor Angela Merkel said on Sunday her government was scrambling to salvage a rescue plan for Hypo Real Estate, saying she would not allow problems at the stricken commercial property lender to infect the entire banking system.
German bank struggles after rescue falls throughGermany's second largest mortgage lender, Hypo Real Estate, is fighting for survival after a huge government-backed rescue package fell through.
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