For sale sign goes up at IKB
Lone Star, the specialist US distressed asset investor, has appointed Perella Weinberg to sell the toubled German bank IKB, reports suggest.
Lone Star bought a 90% stake in the the bank after it had become the first German casualty of the 2007 banking crash. It is targeting strategic buyers from both Germany and abroad.
IKB remains loss making, with a deficit of almost €1bn in the last full financial year, but is expected to return to profit from 2012.
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