US private equity group Lone Star plans to buy German bank IKB, which was one of the country's major casualties in the US subprime mortgage crisis.
Germany's state development bank KfW, the government and private investors rescued the Düsseldorf-based bank from bankruptcy, pumping billions into IKB, which specialises in loans to small- and medium-sized business. KfW sold its 91 percent stake in IKB for an undisclosed sum, believed to be around 300 million euros. Two state-owned German banks, BayernLB and WestLB, were also interested but withdrew from the bidding. The sale is subject approval from KfW's, the German financial supervisory authority and the European Commission.
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