EU approves WestLB restructuring
Güncelleme Tarihi:
The Associated Press
Oluşturulma Tarihi: Mayıs 13, 2009 00:00
BRUSSELS - The European Union has cleared a German government bailout for WestLB and is ordering the bank to shrink its business by half.
It said WestLB must refocus on less risky activities and give up trading shares and bonds before it can receive a state guarantee to allow it survive. The bank has said it is looking to sell itself off in an auction process after repeated attempts to merge with other financial institutions were ruled out amid the ongoing crisis.