February 1, 2019 / 8:54 AM / 19 days ago

REFILE-German regional state backs savings banks' bid for NordLB

(Changes “Niedersachsen” in fourth paragraph to English name “Lower Saxony”)

BERLIN, Feb 1 (Reuters) - German regional state of Lower Saxony, the majority owner of ailing German public sector bank NordLB, is backing a plan by savings banks to recapitalise the lender, prime minister Stephan Weil said on Friday.

The regional state is ready to pump 1.5 billion euros ($1.72 billion) into the lender, in addition to the 1.2 bln the savings banks are ready to give, he said.

German savings banks on Thursday decided on a plan for the recapitalisation of NordLB, pitting them against a joint bid by private equity groups Cerberus and Centerbridge.

Lower Saxony’s government on Friday said the savings banks’ plan would offer more advantages than the proposal coming from the private sector.

($1 = 0.8734 euros)

Reporting by Klaus Lauer, writing by Arno Schuetze, editing by Tassilo Hummel

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