Hypo to make lower to medium double-digit million gain

(Source: Reuters)

Deutsche Pfandbriefbank, the core bank to emerge from nationalised German lender Hypo Real Estate, sold 232.5 million euros ($347 million) of outstanding claims against Lehman (LEHMQ:PK) to other banks and funds.

The claims were sold to three counterparties which included major international investment banks and funds, the company said on Monday.

The sale marked another step in the unwinding of the financial mess left in the wake of the collapse of Lehman Brothers in September 2008, which left creditors with more than $100 billion in claims against the bank’s U.S. business alone.

Markets were roiled by the collapse, which forced many banks, including Hypo Real Estate, to seek a bailout from the German government. The bank was fully nationalised last week.

Read the full article “Hypo Real Estate sells off Lehman claims” in Reuters (October 19, 2009).

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