Commerz to shut down EuroHypo
As a condition to receive state aid from Germany, Commerzbank AG agreed to shut down its bad-loan-laden Hypothekenbank Frankfurt AG unit by 2014.
Hypothekenbank Frankfurt AG was known as EuroHypo AG until recently. It recklessly made loans during the boom times of the 2000s that subsequently turned sour when the credit crisis hit in 2007. Billions of Euros in bad loans had to be written off.
I'm keeping a screen shot before the bank disappears.
I've published a brief history of Commerzbank:
bankingmergers.blogspot.ca/2011/03/germany-bank-mergers-a...
Commerz to shut down EuroHypo
As a condition to receive state aid from Germany, Commerzbank AG agreed to shut down its bad-loan-laden Hypothekenbank Frankfurt AG unit by 2014.
Hypothekenbank Frankfurt AG was known as EuroHypo AG until recently. It recklessly made loans during the boom times of the 2000s that subsequently turned sour when the credit crisis hit in 2007. Billions of Euros in bad loans had to be written off.
I'm keeping a screen shot before the bank disappears.
I've published a brief history of Commerzbank:
bankingmergers.blogspot.ca/2011/03/germany-bank-mergers-a...