Berlin - German state-owned Landesbank Baden-Wuerttemberg (LBBW) is to receive a 5-billion euro (6.3-billion-dollar) capital injection, the bank announced Friday, amid reports that the world financial crisis had forced it deeper into the red.
The LBBW's owner, the state of Baden-Wuerttemberg, is to provide the capital support for the bank, which, shareholder sources told Deutsche Presse-Agentur dpa, is likely to run up a 2-billion-euro loss in the current year.
In announcing the capital injection, LBBW became the latest German bank to seek out state aid to help it limp through the current financial crisis.