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Germany's LBBW sees 1.8 bln eur 2009 loss -sources

Source: Reuters - Fri 25th Sep 2009

German state-owned LandesbankBaden-Wuerttemberg (LBBW) expects to post a loss of around 1.8 billion euros ($2.64 billion) this year, two people close to the bank told Reuters on Friday.

But the owners of LBBW do not plan to increase the bank'scapital to offset the loss, the sources said. The bank's main owners are the German state of Baden-Wuerttemberg, a group of regional savings banks and the city of Stuttgart.

"The owners - the state and the savings banks - agree that LBBW does not need a capital increase" one of the sources said.

LBBW was not immediately available for comment. A spokesman for the group of savings banks said he could not give an assessment of the bank's capital needs before a meeting of the owners on Oct. 1.

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