Hypo Vereinsbank reveals merger damage
Article Abstract:
HypoVereinsbank AG's recent merger with Bayerische Hypotheken- & Wechselbank AG has led to discoveries of possible financial losses from commercial real-estate development projects of Bayerische in Franfurt, Leipzig and Berlin in Germany. HypoVereinsbank has reported that it had apportioned 3.5 billion mark ($2.1 billion) to cover the potential losses that the company blamed on the management of the former Bayerische as well as on independent bank auditors. The amount set aside by HypoVereinsbank was more than double the 1.5 billion marks that Bayerische claimed to be sufficient to cover the loss from its real-estate deals.
Comment:
Its merger with HypoVereinsbank leads to discoveries of potential losses from Bayerische's previous real-estate deals
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Bank Berlin, NordLB map out Union
Article Abstract:
Norddeutsche Landesbank Girozentrale and Bankgesellschaft Berlin AG revealed that they merger to form a new entity called Bankgesellschaft Berlin-Hanover AG by Jan. 1, 1999. Bank Berlin said that representatives of both sides met to officially approve the merger and develop its outline of implementation. The new financial institution will be based in Berlin, Germany, and will establish a regional headquarters in Hanover, Germany. Bank Berlin also said that units Landesbank Berlin & Nord/LB, Berliner Bank and Berlin Hyp will still focus on key markets and in their respective strong points under the new group.
Comment:
Will merge with Norddeutsche Landesbak Girozentrale to form a new entity called Bankgesellschaft Berlin-Hanover by 1/1/99
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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German banks expected to suffer profit cuts
Article Abstract:
German banks are expected to post lower trading profits and earnings for the third-quarter of 1998. Recent major financial market losses around the world will probably bring about the reduced financial figures. The forecasts of some German banks in the period have been lowered. Banks' profits could be cut by up to 20%, while their earnings expectations fall by the same amount.
Comment:
Germany: Banks expected to post lower trading profits and earnings for the third-quarter of 1998
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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