BUSINESS

German Bank Seeks $10.5 Billion In Bailout Aid

12/04/2008 05:12 am ET | Updated May 25, 2011

PARIS -- Commerzbank on Monday became the first commercial lender in Germany to accept government cash, while several other European banks reported poor earnings, showcasing the continuing weakness in the sector.

Commerzbank, based in Frankfurt, said it would avail itself of 8.2 billion euros, or $10.5 billion, from Germany's financial markets stabilization fund to strengthen its capital base.

In Paris, the French bank, Société Générale said its third-quarter profit slid 84 percent from a year earlier, to 183 million euros, as revenue fell 5 percent to 5.1 billion euros. The bank's profit was well below market expectations,but investors said there had been relief that there were no major surprises.

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