WestLB Streamlines Branch Network in North Rhine-Westphalia
- Branches in Münster, Bielefeld and Dortmund will close by year-end to comply with EU requirements; Cologne will follow in mid-2010
- All employees to be offered a position in Düsseldorf
- Client coverage in home market secured
WestLB will close its branches in Münster, Bielefeld and Dortmund by the end of this year, followed by Cologne in mid-2010. All employees affected by the closures will be offered a position in Düsseldorf, ensuring that clients will continue to benefit from their expertise. Client proximity and coverage in the core market of North Rhine-Westphalia are secured.
Dietrich Voigtländer, Chairman of the Managing Board, said: “The closure of the four branches in North Rhine-Westphalia is extremely bitter for us, not least because it also includes our twin head office in Münster. But there is no alternative to pressing ahead with our planned realignment into a lean and efficient core bank. Our clients and owners should understand, however, that we will continue to nurture our long-standing relationships at the local level by offering flexible and effective solutions.”
WestLB currently employs approximately 110 staff at these locations. The streamlining of the German and international branch networks constitutes a part of the restructuring plan endorsed by the European Commission. WestLB has already withdrawn from Prague, Budapest, Seoul, Houston, Peking and Johannesburg.