FRANKFURT: German regional bank WestLB said on Wednesday it ran up a net loss of 48 million euros ($63.7 million) in 2011, its final full year in operation before it is wound up later this year.
WestLB, which already booked a bottom-line loss of 240 million euros in 2010, said in a statement that its accounts last year were hit by one-off charges, including 440 million euros for restructuring and 244 million in writedowns on its holdings of Greek debt.
At an underlying level, however, the group turned in an operating profit of 37 million euros, compared with a loss of 133 million euros a year earlier.
Set up in 1969, WestLB became one of Germany's biggest banks by the late 1990s, but was badly hit in the financial crisis of 2008 and only kept afloat by billions of euros of public money.
The EU Commission in Brussels has ordered it be dismantled.
From June 30, a small part of the bank with 400 employees will be transferred to another regional bank Helaba.
The other activities will be transferred to Erste Abwicklungsanstalt or EAA, a company entrusted with the task of taking over and winding up WestLB's risk exposures and non-strategic businesses/assets.
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