WestLB sells Hungarian subsidiary
WestLB AG has signed a contract with regard to the sale of its Hungarian subsidiary, WestLB Hungaria ZRt. The transaction is part of WestLB’s ongoing divestiture of non-strategic assets. Going forward WestLB will focus on three business segments: Verbund/Mid-Caps, Transaction Banking and Capital Markets/Corporates/Structured Finance. The identity of the purchaser will be disclosed once the transaction has been approved by the relevant authorities.
WestLB Hungaria ZRt. offers its corporate and public sector clients products and services incl. bilateral and syndicated loans, structured and project finance products, treasury services and products, payments, international cash management and trade finance as well as custody activities. As of December 31, 2008, WestLB Hungaria had total assets of approximately EUR 200 million.