The credit crisis today claimed its latest victim after a German bank was forced to close its doors having gone bankrupt after failing to secure a rescue plan.
Weserbank, a lender based in Bremerhaven, an enclave in the state of Lower Saxony, is the first bank to fail in Germany since 2006. It had assets of â¬120m, according to BaFin, the German financial services authority, which yesterday withdrew the bank's licence. The bank was founded in 1912.
