WestLB Managing Board and Supervisory Board Press Ahead with the Reorganisation of the Bank
WestLB´s Managing Board and Supervisory Board today agreed, in the light of the clear positioning of the European Commission, that the Managing Board will cooperate pro-actively with all stakeholders to implement the concept of a Verbundbank. The Managing Board believes that the concept includes essential elements of the “Teilbetriebe” structure which it developed, i.e. the separation of legally dependent but organisationally autonomous operating units under the umbrella of WestLB. In the opinion of the European Commission, the ongoing sales process for the Bank also constitutes a possible path towards the implementation of a Verbundbank.
WestLB´s owners had agreed in April 2011 to propose the creation of a Sparkassen-Verbundbank with a regional orientation. With a further reduced balance sheet and a changed ownership structure, the Verbundbank would concentrate in the future on business with savings banks and their clients.
Dietrich Voigtländer, Chairman of the WestLB Managing Board, said:
“The task now is to work out what the precise structure of the Verbundbank should be. It is absolutely essential to find solutions for all business areas of WestLB and thus preserve a maximum of jobs and expertise. The Managing Board believes that it is especially important to safeguard the stability and proper functioning of the Bank during the transformation phase.”
Michael Breuer, Chairman of the Supervisory Board, said: “The Supervisory Board will support the Managing Board in the reorganisation of the Bank. The European Commission expects to receive further details on the roadmap for WestLB which must then be agreed upon in the weeks ahead. This time will be used to spell out a concrete timetable for implementing the Verbundbank concept which will then form the basis for a final decision of the European Commission.”