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HVB readies real estate unit sale.

The Daily Deal

| September 03, 2003 | COPYRIGHT 2003 The Deal LLC. (Hide copyright information)Copyright

Byline: The Deal

HVB Group AG, Germany's second-largest bank, said Tuesday it would spin off its real estate division on Oct. 6, moving [Euro]54 billion ($59 billion) in risk-weighted assets off its books as part of a reorganization. The much-heralded move will give Hypo Real Estate shareholders one share for every four HVB shares they hold. But to give the unit a sturdy send-off, HVB has had to guarantee [Euro]590 million in loans at the …

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