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Wed May 23, 2012
IKB Deutsche Industriebank (IKB) issued a press release Monday, saying the company is feeling the affects of the U.S. subprime crises. The company said, “Rhineland Funding – and, to a lesser extent, IKB itself—have invested in structured credit portfolios, which include exposures to U.S. subprime real estate loans.”
The company declared that it’s unlikely IKB will meet its earnings forecast of € 280 million. Mr. Stefan Ortseifen, a member of the Board of Managing Directors, also retired. Ortseifen’s position will be filled by Dr. Gunther Braunig.
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