Merchant bank to borrow €4bn from ECB
Dutch merchant bank NIBC needs to borrow almost €4bn from the European Central Bank to meet its payment obligations, reports ANP news service on Thursday.
The news emerged from a presentation made by the bank in London yesterday, says ANP.
NIBC has to pay off almost €7bn in old loans in the coming year but has a shortfall of almost €4bn which it hopes it can borrow from the ECB, says ANP.
On top of this the bank expects to attract €1.2bn in new capital from institutional investors and private investors.
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