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Business

NordLB Seeks €800 Million Injection

The German public-sector bank NordLB is seeking to obtain a greater injection of fresh capital from its owners than previously planned, the Financial Times Deutschland reported. The bank is negotiating a capital increase of €800 million ($1 billion), €200 million more than officially confirmed, from its owners, the state of Lower Saxony and several regional savings banks, the newspaper said, quoting industry sources. The higher capital injection would raise the bank's core capital ratio above seven percent, enabling NordLB to firm up its credit ratings before it loses state guarantees next July. German regional state banks could face a downgrade in their credit ratings when their state guarantees expire in July and that would result in higher refinancing costs.