Bank’s three-year stuggle ends in bankruptcy

Country’s 11th largest bank will now be taken over by state

February 7th, 2011 11:18 am| by admin
facebooktwittergoogle_pluspinterestmail

Amagerbanken yesterday filed for bankruptcy. The bank has now been taken over by the Financial Stability Company, the government body responsible for liquidating cracked banks.

The decision follows the publication of the bank’s 2010 annual report, which showed devaluations of three billion kroner.

The bank’s equity on September 30 was 2.4 billion kroner. At the end of the year, it had debts of 654 million kroner.

Amagerbanken is the country’s 11th largest financial institution and has been close to bankruptcy several times over the past two and half years. Each time, however, it has been bailed out by investors.

One of those investors is billionaire Karsten Ree, who has pumped 800 million kroner into the now-failed bank.

You better make that second beer to go
Under the Raydar: Taking it easy – in 1986 and 2016
Challenger blew up 30 years ago last month … a moment most Americans reme...
(photo: CCO)
School News in Brief: Case competition rise
More companies and educational institutions are using case competitions t...
February 14 will offer time for quiet reflection, but more importantly: love!
Quietly remembered in a city where love will conquer all
The morning of 14 February 2015 was like any other Valentine’s Day in Cop...
The Danish-German border (photo: Arne List)
This Week’s Editorial: Refugees at work
The Danish politicians have digested the L87 austerity package and found a ...
The Elephant Beer brand is easily recognisable (photo: Kungfuman)
Elephant beer going down well in India
Carlsberg's old sudsy stalwart, Elephant Beer, has become a trumpeting succ...
Transporting drinking water from other places could have great environmental and economic consequences (photo: iStock)
Groundwater in Danish capital at risk of contamination
Groundwater in Copenhagen and Frederiksberg may be at risk of contamination...