Deutsche Bank cuts back loan exposure

Deutsche Bank cuts back loan exposure

FRANKFURT (Reuters): Deutsche Bank has cut back its loan exposure to problem countries in South-east Asia by almost two billion marks, a Deutsche management board member said yesterday.

Josef Ackermann, whose responsibilities include the Asia and Pacific region, told a news conference: "In the problem countries -- Indonesia, South Korea, Thailand and Malaysia -- we had a loan exposure of nine billion marks at end-1997... We have since reduced that to 7.3 billion marks."

Ackermann said that while the situation had improved in South Korea, Thailand and Malaysia, the situation in Indonesia was still very fragile.

"We together with a U.S. and a Japanese bank are setting up a steering committee with the aim of reaching a solution," with regard to Indonesia.