Acquisition of Weberbank Completed
Entry in the Commercial Register
WestLB AG is the new owner of Weberbank. The entry today in the Berlin commercial register marks the return of WestLB to the Private Banking business, working in close cooperation with the savings banks. Previously a partnership limited by shares (KGaA), Weberbank is now a joint stock company (AG) operating under the name of Weberbank Actiengesellschaft. Guido Mundt, who was formerly in charge of WestLB´s Private Banking operations, is the new Chairman of the Managing Board of Weberbank. The transaction announced in May 2005 has therefore been brought to a successful conclusion. WestLB AG will concentrate its direct business with high net worth private clients in Weberbank and, in a next step, expand Weberbank´s activities into North Rhine-Westphalia by opening a branch in Düsseldorf at the beginning of 2006.
Berlin will remain the head office of Weberbank. With roughly € 3 billion in assets under management and approximately 33,000 clients, Weberbank offers an attractive perspective for WestLB and the entire Sparkassen-Finanzgruppe in North Rhine-Westphalia. With its future claim “Werte wahren, Chancen nutzen” (“Preserving values, seizing opportunities”), Weberbank emphasises its focus on conservative investment strategies and high-quality advice. Numerous survey findings support this claim. Weberbank is ranked very highly both in the current special report (“Die Elite der Vermögensverwalter”) on top portfolio managers and in the “firstfive” securities portfolio rankings.
Dr. Norbert Emmerich, Vice Chairman of WestLB AG´s Managing Board and responsible for Private Banking, said:
“As a WestLB Group company, Weberbank will enable our clients to benefit from an even wider international product portfolio. At the same time it will retain its independence regarding product selection. Going forward, Weberbank will continue to focus on offering the best products in the individual investment classes. The emphasis will be on providing our clients with comprehensive advice tailored to their specific needs.”
WestLB will continue to provide dedicated products and services for the private clients of the savings banks, further strengthening the market position of the individual savings banks in this business segment.
Dr. Norbert Emmerich added:
“The acquisition of Weberbank will enable us to further expand and develop the strategic alliance with the savings banks and our joint orientation as a new-style universal bank.”