BASF Chief Criticizes Banks for Stricter Lending, Welt Says

By Aaron Kirchfeld

Dec. 14 (Bloomberg) -- BASF SE Chief Executive Officer Juergen Hambrecht criticized banks’ stricter lending criteria as they worsen the credit crunch and hurt healthy companies, German weekly Welt am Sonntag reported, citing an interview.

Getting loans for more than 80 million euros ($107 million) is “difficult” and medium- and long-term credit is “especially problematic,” Hambrecht was quoted as saying. Even “healthy and sufficiently financed” BASF is having more difficulty getting long-term financing, he told the newspaper, adding that banks need to reopen credit lines.

Hambrecht called on the German government to introduce another economic stimulus plan that includes investments in infrastructure and income-tax cuts and interest rates should also be lowered further, Welt am Sonntag reported.

Hambrecht, who said the economic slump hasn’t reached the bottom yet, reiterated BASF’s lowered forecast and said he couldn’t rule out reduced working hours for employees at the world’s largest chemical company, according to the interview.

To contact the reporter on this story: Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net