FRANKFURT, March 10 German state-controlled
lender NordLB will inject money into its loss-making
Bremer Landesbank (BLB) unit, which is suffering from a weak
shipping market that is chipping away at its capital.
BLB said it booked a writedown of 1.6 billion euros ($1.71
billion) on its shipping book in 2016.
NordLB said that it would, however, not need to tap its own
public-sector shareholders to stump up the money for the cash
NordLB has said in the past that it expects a 2016 loss of
more than 1 billion euros.
BLB, which has around 30 billion euros in assets, was taken
over completely by NordLB in January.
($1 = 0.9378 euros)
(Reporting by Arno Schuetze; Editing by Harro ten Wolde)