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26.03.2010 12:03
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Hypo Real Estate Holding AG, the German lender taken over by the government, reported a full-year loss as it set aside more money for risky loans and on costs for its government-led bailout, said businessweek.com.
The net loss in 2009 narrowed to 2.24 billion euros ($3 billion) from 5.46 billion euros a year earlier, the Munich- based company said in an e-mailed statement today, reiterating that it doesn’t expect to return to profit before 2012.
Hypo Real Estate, which is wholly owned by the German government’s Soffin bank-rescue fund, said yesterday that Chief Executive Officer Axel Wieandt has stepped down with immediate effect because of “differing views” with the bank’s owner. Management board member and Chief Risk Officer Manuela Better has taken over his responsibilities until further notice.
Wieandt and Soffin couldn’t agree on management pay as the lender’s government-owner “had to treat a publicly sensible topic such as manager bonuses with special care,” Supervisory Board Chairman Bernd Thiemann said at a press conference in Munich today. Wieandt and Soffin also disagreed on strategic questions, such as primarily using capital to pay back government aid or to grow the business, he said.
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