Entries tagged "IKB Deutsche Industriebank AG"
Dusseldorf, Germany, as a hotbed of financial innovation? There were many surprising twists in the earliest days of the global credit crunch, and this was one: A small Dusseldorf-based lender, IKB Deutsche Industriebank AG, unexpectedly emerged as one of the first European banks to reveal its exposure to battered U.S. subprime mortgages. It was effectively bailed out by the government in February and won a new lifeline Tuesday when the KfW, the government-owned reconstruction bank, extended a €1.5 billion ($2 billion) loan. That follows an earlier roughly €9.1 billion in aid....
