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NordLB to refrain from ships financing business in the future – source

Germany’s NordLB will step out of ships financing business and will reduce activity in its airplanes financing business, a source familiar with the matter told Reuters on Tuesday.

The source added that the German regional state of Saxony-Anhalt would contribute 198 million euros (169.99 million pounds) to rescue the ailing bank as part of a plan agreed by its owners – German savings banks and some regional states – in February.

Saxony-Anhalt did not expect dividends from the bank before 2024, the source added.

NordLB declined to comment.
Source: Reuters (Reporting by Klaus Lauer; Writing by Riham Alkousaa; Editing by Tassilo Hummel & Kathrin Jones)

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