April 2, 2019 / 10:54 AM / 3 months ago

NordLB to refrain from ships financing business in the future: source

BERLIN (Reuters) - Germany’s NordLB will step out of ships financing business and will reduce activity in its airplanes financing business, a source familiar with the matter told Reuters on Tuesday.

The source added that the German regional state of Saxony-Anhalt would contribute 198 million euros ($221.76 million) to rescue the ailing bank as part of a plan agreed by its owners - German savings banks and some regional states - in February.

Saxony-Anhalt did not expect dividends from the bank before 2024, the source added.

NordLB declined to comment.

Reporting by Klaus Lauer; Writing by Riham Alkousaa; Editing by Tassilo Hummel & Kathrin Jones

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