(Bloomberg) -- IKB Deutsche Industriebank AG, a
German lender that invested in U.S. subprime mortgages, said its
profit will be ``significantly'' lower than forecast as fallout
from the deteriorating North American home-loan market spreads.
``IKB is no longer in a position to maintain its earnings
forecast of 280 million euros ($382 million),'' the Dusseldorf-
based bank said in a statement distributed on the DGAP newswire.
Chief Executive Officer Stefan Ortseifen resigned and will be
replaced by Guenther Braeunig, the statement said.
Read more at Bloomberg Bonds News
German lender that invested in U.S. subprime mortgages, said its
profit will be ``significantly'' lower than forecast as fallout
from the deteriorating North American home-loan market spreads.
``IKB is no longer in a position to maintain its earnings
forecast of 280 million euros ($382 million),'' the Dusseldorf-
based bank said in a statement distributed on the DGAP newswire.
Chief Executive Officer Stefan Ortseifen resigned and will be
replaced by Guenther Braeunig, the statement said.
Read more at Bloomberg Bonds News
No comments:
Post a Comment