Funds News

Credit manager emerges as bidder for stake in Germany's NordLB -sources

FRANKFURT, Oct 25 (Reuters) - U.S.-based credit manager Christofferson, Robb & Company has emerged as a suitor for a stake in ailing German public-sector bank NordLB, according to people close to the matter.

The firm, which last year bought a 10 billion euro credit portfolio from NordLB, is one of six bidders who have been allowed to submit a final bid for the bank by the end of November, they said.

The other five are Commerzbank, Helaba, Apollo, Cerberus and Advent, people close to the matter said earlier this week.

NordLB declined to comment, while Christofferson, Robb & Company was not immediately available for comment.

A potential NordLB stake sale to public-sector peer Helaba could be a precursor to deeper consolidation among Germany’s so-called landesbanks, Handelsblatt reported on Thursday.

On Wednesday, the DSGV, an umbrella organisation for the country’s savings banks and landesbanks had said that it was considering options for the future of the group. (Reporting by Arno Schuetze and Hans Seidenstücker Editing by Alexandra Hudson)