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NordLB looking at options for Deutsche Hypo, including sale

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BERLIN (Reuters) – German bank NordLB will consider selling or fully integrating its property lending division Deutsche Hypo, according to documents detailing rescue plans for the German bank seen by Reuters on Monday.

NordLB, struggling with writedowns on bad shipping loans, is to be rescued with 3.6 billion euros by its owners, which include the states of Lower Saxony and Saxony-Anhalt as well as savings banks.

NordLB has been considering what to do with the profitable division. In April, sources familiar with the matter said NordLB had been planning to hold on to it after looking into a potential sale.

The alternative scenarios are to be examined by 2021, according to the documents, which ruled out a partial sale of the property business.

NordLB decline to comment.

(Reporting by Klaus Lauer; Writing by Tom Sims. Editing by Jane Merriman)

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