HSH Nordbank to Miss 2011 Real Estate Credit Target, FTD Reports

HSH Nordbank AG will miss its target for new property loans at its real-estate unit after the European Commission decided that the bank can’t give loans to German clients abroad, Financial Times Deutschland reported today, citing Peter Axmann, head of HSH’s real-estate financing.

New property loans at the division will total around 1.1 billion euros ($1.4 billion) this year compared with a target of 2 billion euros, the newspaper said.

To contact the reporter on this story: Niklas Magnusson in Hamburg at nmagnusson1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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