WestLB AG in Brief
WestLB Transformation Process
The restructuring plan for WestLB approved by the European Commission on December 20, 2011 is currently being implemented. The business with savings banks and public-sector clients, including business with medium-sized corporates, is to be split off from WestLB by June 30, 2012 and transferred to Helaba as a so-called Verbundbank. WestLB can sell further business segments up to this deadline. Portfolios which remain unsold by that date will be transferred to Erste Abwicklungsanstalt (EAA). WestLB will in future operate as a service and portfolio management bank, providing services for the Verbundbank and EAA as well as for portfolios of third parties.
WestLB was created in 1969 by the merger of its old-established predecessor institutions, Landesbank für Westfalen Girozentrale, Münster, founded in 1832, and Rheinische Girozentrale und Provinzialbank, Düsseldorf, founded in 1854. On August 30, 2002, WestLB was transformed into a joint stock company after the public mission activities were integrated into Landesbank NRW (now NRW.BANK), which was established on August 1, 2002.