00:00 It's Benzinga and here's what's on the block.
00:02 German bank Deutsche Fanbrief Bank warned of the greatest real estate crisis since the financial
00:07 crisis due to its commercial real estate exposure. PBB saw its bond slump on the market after
00:13 increasing loan loss provisions for 2023 to $225 to $231 million due to persistent weakness in real
00:21 estate markets. The troubles in the US commercial property market have spread to Europe, hitting
00:25 smaller German banks with CRE focus. Several other German and European banks also reported
00:31 rising CRE loan impairments recently. If losses spread widely, it could echo the 2008 crisis
00:37 when German Lenz banks were brought down by US subprime exposure. For all things money visit
00:43 Benzinga.com
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