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Sucessful merger for two troubled banks

Published torsdag 28 oktober 2010 kl 11.56
After Carnegie was re-privatised it rode to the rescue of failing HQ Bank

Carnegie Investment Bank, which had to be saved by government funds during the financial crisis, has reported strong profits, despite recently buying up another failing bank.

So far this year Carnegie has a pre-tax profit of almost $US 100 million, compared with a loss for the same period last year of almost $US 40 million.

The purchase of the liquidated HQ bank has actually boosted Carnegie's profits - they would be making less than a third as much without the HQ money.

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