Bremer Landesbank Kreditanstalt Oldenburg -Girozentrale-

  • WKN: A1ELUR
  • ISIN: XC000A1ELUR9
  • Land: Deutschland

Nachricht vom 09.03.2017 | 20:29

Bremer Landesbank estimates the loss according to IFRS for the financial year 2016 to amount to approximately 1.4 billion Euros due to further increased risk provisioning in its portfolio of shipping loans.

Bremer Landesbank Kreditanstalt Oldenburg -Girozentrale- / Key word(s): Final Results

09-March-2017 / 20:29 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


 
 
 

 

Bremen, 9 March 2017

 

Public disclosure of inside information pursuant to Article 17 MAR

Bremer Landesbank estimates the loss according to IFRS for the financial year 2016 to amount to approximately 1.4 billion Euros due to further increased risk provisioning in its portfolio of shipping loans.

Bremen, 9 March 2017: On the basis of an updated assessment as of today, the Management Board (Vorstand) of Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale - ("BLB") estimates the pre-tax loss according to IFRS for the financial year 2016 to amount to approximately 1.4 billion Euros, which is therewith higher than previously expected. The reason for the higher loss is the further increased risk provisioning in its portfolio of shipping loans in the aggregate amount of now around 1.6 billion Euros for 2016.

As of 1 January 2017, NORD/LB Norddeutsche Landesbank Girozentrale ("NORD/LB") acquired all shares in BLB. In connection with this acquisition, NORD/LB and BLB entered into a controlling agreement, pursuant to which NORD/LB is required to compensate BLB for any annual deficit as from the financial year 2017, to the extent this deficit is, following a decision of the Owners' Meeting (Trägerversammlung) of BLB, not compensated by means of a withdrawal from other retained earnings. Further, NORD/LB issued a letter of comfort to BLB pursuant to which NORD/LB provides that BLB is in a position to meet its obligations. On 19 January 2017, an application with the European Central Bank has been filed by BLB to obtain a so-called waiver from the application of certain regulatory requirements in respect of BLB's own funds in accordance with article 7 of the capital requirements regulation (CRR). Currently, an increase of the capital by NORD/LB as well as further measures to stabilize the capital ratios are being prepared.

Bremer Landesbank Kreditanstalt Oldenburg
- Girozentrale -

The Management Board (Vorstand)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Bremer Landesbank Kreditanstalt Oldenburg
- Girozentrale -
Domshof 26
28195 Bremen
Germany

 

Contact:
Fred Walther, Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale -, Investor Relations, Tel.: +49 421 332 2453 E-Mail: investor-relations@bremerlandesbank.de, Fax: +49 421 332 2649

ISIN: [DE000BRL9774]
Listed: Hamburg Stock Exchange - Regulated Market

A full overview of all own issues of Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale - (ISIN, Stock Exchange, Segment) is available on the website of Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale - under:
https://www.bremerlandesbank.de/english-website/ad-hoc-announcements/

 


09-March-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



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