* First 350 mln euros repaid on Friday
* Another repayment to follow next year
* BayernLB has to return 5 bln euros in total by 2019
(Recasts with official comments, adds details)
MUNICH, Nov 23 German state-owned bank BayernLB
has repaid 350 million euros ($451 million) of state
funds, part of the 5 billion euros it has agreed to repay by
BayernLB Chief Executive Gerd Haeusler told reporters on
Friday the bank planned to make another repayment next year.
In July, BayernLB agreed to repay 5 billion euros ($6.4
billion) in state aid by 2019 and halve the size of its balance
sheet to win European Union approval for its bailout after the
"That is very ambitious, but doable," Haeusler said.
BayernLB ran into trouble in 2008 after risky investments
turned sour in the crisis. The state of Bavaria injected 10
billion euros in fresh capital at the time, boosting its holding
to 94 percent.
($1 = 0.7761 euros)
(Reporting by Jens Hack; Writing by Maria Sheahan, Harro ten
Wolde; Editing by Mark Potter and Jane Merriman)