Thursday, January 8, 2009
All Banks soon to be nationalised
Commerzbank, Germany's second-biggest bank, has said it is to be partly nationalised, with the government taking a 25% stake, plus one share. The bank is to receive 10bn euros (£9bn; $13.7bn) in a second injection pf capital from the German banking sector stabilisation fund, Soffin. Commerzbank had been seeking help after its 5.1bn euro takeover of rival Dresdner Bank from insurer Allianz.