RPT-WRAPUP 2-Commerzbank, Natixis hit as capital strains show

* Commerzbank down 15 pct after state's 10 bln eur injection

* Deutsche Bank confident can forego state aid, source says

* Natixis hit by report of 2 bln eur loss, shares down 7 pct

* Other European banks mixed; index up 1 pct

(Adds source comment on Deutsche Bank, background)

By Jonathan Gould and Marcel Michelson

FRANKFURT/PARIS, Jan 9 (Reuters) - Germany's 10 billion euro injection into Commerzbank and worries of big losses at two other banks on Friday underscored the strain on capital and the tough industry outlook facing Europe's lenders.

Commerzbank (CBKG.DE) shares fell as much as 15 percent as analysts questioned the merits of its purchase of rival Dresdner Bank, which required the government to part-nationalise it by taking a 25 percent stake, diluting shareholders' investments.

France's Natixis (CNAT.PA) tumbled 7 percent after a report it may need more capital and post a wider-than-forecast 2008 loss of up to 2 billion euros ($2.7 billion).

Deutsche Postbank (DPBGn.DE) dipped 6 percent after it said it will report a big 2008 loss after scrapping its stocks portfolio triggered big hidden losses. [ID:nL9669326]

The Financial Times Deutschland reported that Deutsche Bank (DBKGn.DE) might make use state guarantees, as Commerzbank did to issue a 5 billion euro bond. [ID:nWEA1085]

But a financial source familiar with the situation told Reuters that Germany's biggest lender was confident of weathering the financial crisis without seeking government help.

Deutsche Bank declined to comment.

Financial players say lenders like Deutsche and Commerzbank, which is close to completing its takeover of Dresdner Bank from insurer Allianz (ALVG.DE), were hit hard by renewed financial turmoil in the fourth quarter. Deutsche shares fell 5.8 percent.

Many banks have been winding down risky portfolios, preferring to take a hit in the fourth quarter in hope of more stability thereafter.

"It was a terrible quarter for the whole industry," said one high-level banker, who asked not to be identified.

Other bank stocks faired better, with the DJ Stoxx European bank index .SX7P down just 0.3 percent at 159.8 points.

UK banks outperformed rivals, led by an 8 percent rally by HBOS HBOS.L as investors bought into the stock ahead of the expected completion of its takeover by Lloyds TSB (LLOY.L) next week. Lloyds shares were up 4.6 percent.

Commerzbank shares closed down 11 percent at 4.67 euros as several brokers cut their recommendations and price targets on the stock. [ID:nL9173873]

"Becoming partially nationalised clearly bears the risk ... that Commerzbank will become less independent regarding its future business strategy," Equinet analyst Philipp Haessler said.

The government will take two seats on Commerzbank's supervisory board but promised a hands-off approach. The Finance Ministry said there had been no requests from other banks for the government to take stakes in them.

It is the first time Berlin has partially nationalised a major bank in response to the global financial crisis and follows similar moves by London and Washington.

The latest injection adds to 8.2 billion euros provided earlier by the state to Commerzbank and has been made as the lender faces more big writedowns in the fourth quarter and to protect it in an "economically stormy environment".

NATIXIS UNDER PRESSURE

Natixis could post a loss of between 1.5 billion and 2 billion euros for last year and may need fresh capital, according to a report in Les Echos. [ID:nL9706362]

The bank declined to comment on the reported loss, and denied another capital increase was planned.

Analysts had expected Natixis to post a net loss of 1.5 billion euros, based on a Reuters data average of 13 analysts' estimates.

"These fresh losses could well necessitate a further injection of capital before the presentation of earnings at the end of February," one Paris-based share trader said.

Natixis has been hit hard by the credit crisis and needed a 3.7 billion euro rights issue in September to boost its solvency ratio.

More European banks are expected to need to raise capital in the early part of this year as bad debts from corporate and consumer loans rise as recession bites. [ID:nL9383558]

Dutch insurer Eureko, partly owned by Rabobank [RABN.UL], said on Friday it is talking to its shareholders about a capital injection, but said a report it would get 1 billion euros was premature. [ID:nL9655169] ($1=.7312 Euro)

(Reporting by Jonathan Gould, Philipp Halstrick and Michael Shields in Frankfurt and Marcel Michelson and Matthieu Protard in Paris; Writing by Steve Slater; Editing by John Stonestreet and Sharon Lindores)