EuropeFinance and Insurance

NordLB takes over Bremer Landesbank

Germany’s state-run NordLB bank has taken full control of Bremer Landesbank, a lender badly hit by the weak shipping market.

The city of Bremen will receive EUR180m ($201m) for its 41% stake in the bank. Sparkassenverband Niedersachsen, an association of savings banks in Lower Saxony, will also sell its 4% stake in the public lender to NordLB.

“We expect that the situation on shipping markets will not improve in the short term,” Bremer Landesbank chief executive Stephan-Andreas Kaulvers said in a statement.

The bank reported an after-tax loss of EUR384m in the first half of the year on high risk provisions.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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