Bremer Landesbank expects a loss according to IFRS in the amount of a high three-digit million figure due to a high risk provisioning in its portfolio of shipping loans. Conclusion of a controlling agreement with NORD/LB and application for ECB waiver from certain own funds requirements scheduled for 2017.
Bremen, 23 November 2016: On the basis of a planning resolved upon today, the Management Board (Vorstand) of Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale - ("BLB") expects, for the entire financial year 2016, a loss according to IFRS in the amount of a high three-digit million figure. The reason for the loss is the high risk provisioning in its portfolio of shipping loans in the amount of around one billion Euros.
In connection with the envisaged takeover of all shares in BLB by NORD/LB Norddeutsche Landesbank Girozentrale, the Owners' Meeting (Trägerversammlung) of BLB will, on 2 December 2016, decide on the conclusion of a controlling agreement with effect as from 1 January 2017 between NORD/LB as controlling entity and BLB as controlled entity. In case of the conclusion of the controlling agreement, NORD/LB would be under the obligation to compensate BLB for any annual deficit, to the extent this deficit is, following a decision of the Owners' Meeting of BLB, not compensated by means of a withdrawal from other retained earnings. In this context, following the conclusion of a controlling agreement, it is furthermore envisaged to file an application with the European Central Bank for a 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.
Bremer Landesbank Kreditanstalt Oldenburg
- Girozentrale -
The Management Board (Vorstand)
Fred Walther, Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale -, Investor Relations, Tel.: +49 421 332 2453 E-Mail: email@example.com, Fax: +49 421 332 2649
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