DekaBank Luxembourg Acquires WestLB International S.A.
- Sale marks a further step towards focusing on core competences
- Decisions of the European Commission are being consistently implemented
DekaBank Deutsche Girozentrale Luxembourg S.A. will acquire WestLB International S.A., a subsidiary of WestLB AG domiciled in Luxembourg, on January 1, 2011. Dekabank Deutsche Girozentrale and WestLB AG today reached an agreement to this effect, which is subject to approval by the relevant authorities. DekaBank secured the contract following a competitive bidding process. With the sale WestLB will reduce non-essential strategic activities, thereby implementing a corresponding decision of the European Commission. The parties agreed not to disclose details of the purchase price.
The acquisition by DekaBank ensures that the full range of existing products and services will remain available to the clients of WestLB International S.A. The employees of WestLB International S.A. will continue to offer their professional advisory expertise under the umbrella of DekaBank Luxembourg.
WestLB AG is now concentrating on the following business segments: Verbund/Mittelstand, Transaction Banking and Capital Markets/Corporates/Structured Finance. Hubert Beckmann, Vice Chairman of the Managing Board of WestLB AG, said: “The sale offers advantages for both sides. WestLB International S.A. and its highly qualified workforce will acquire a strong partner in DekaBank. For WestLB the sale marks a further step towards focusing on its core competences.”