Vestjysk Bank shares drop as CEO quits, writeoffs up

COPENHAGEN, Sept 25 Tue Sep 25, 2012 4:46am EDT

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COPENHAGEN, Sept 25 (Reuters) - Shares in Denmark's Vestjysk Bank plunged by as much as 61.3 percent once the stock came off trading halt after news that its chief executive was sacked and the bank sharply increased loan impairment charges.

The shares pared losses to trade down 48.5 percent at 10.0 crowns by 0842 GMT after initially dropping to an all-time low of 7.50 crowns.

The share price puts the bank's market capitalisation at about 613 million Danish crowns ($106.80 million). ($1 = 5.7397 Danish crowns) (Reporting by Mette Fraende)

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