Valovis seeks 500 mln eur in state guarantees-paper

FRANKFURT Aug 13 (Reuters) - Insolvent German retailer Arcandor's (AROG.DE) former banking unit Valovis has applied for 500 million euros ($706.3 million) in state guarantees, the Handelsblatt paper said in its Thursday edition.

"We're talking about 500 million euros," Robert Gogarten, head of the bank, was quoted as saying, adding that there was no urgent need for the funds but that it was prudent to ensure "sufficient liquidity".

Valovis Bank has made a formal request for the guarantees with the German rescue fund SoFFin, Handesblatt said.

Valovis declined to comment. ($1=.7079 Euro) (Reporting by Edward Taylor; Editing by Jon Loades-Carter)