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WestLB bailed out locally.
Byline: Andrew Bulkeley in Berlin
Germany's WestLB AG will be absorbed by local state-run savings banks through a [Euro]1.5 billion ($1.82 billion) capital increase after investing gaffes in the U.K. eroded its finances and sparked an exit from its international activities.
Two associations of Sparkassen, or savings banks, in the German state of North Rhine-Westphalia would inject a total [Euro]1.5 billion into Dusseldorf-based WestLB, doubling each of their stakes to about 31%. The bank's current biggest shareholder, the State of North Rhine-Westphalia, will not subscribe.
"The measure was approved in a vote Wednesday," said a spokesman for the …
