German state bank sues to escape ECB supervision

April 2, 2015 11:15 AM

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FRANKFURT, April 2 (Reuters) - German regional development bank L-Bank has filed a suit at the European Court of Justice seeking to escape direct supervision by the European Central Bank, L-Bank said on Thursday.

The ECB had placed the Landeskreditbank Baden-Wuerttemberg-Foederbank, which had assets of 70.7 billion euros ($77 billion) at the end of 2013, on its list of 123 significant financial institutions that it started directly supervising in November.

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