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• BankenService GmbH will acquire readypartner gmbh subsidiary
• Technical implementation will be prepared jointly with S-Kreditpartner 
• ready&go credit will be offered for a longer transition period

readybank ag, a subsidiary of WestLB AG, is to sell selected activities to S-Kreditpartner GmbH (SKP), a company of Landesbank Berlin and Deutsche Leasing. The parties involved reached an agreement to this effect on October 5, 2011 subject to approval by the responsible bodies and authorities. The closing of the transaction is scheduled for May 2012. No details of the purchase price were disclosed.

The transaction relates to readybank ag´s car finance and consumer loan business arranged by savings banks with a current volume of approximately € 700 million. The joint aim of readybank and SKP is to transfer the savings banks in North Rhine-Westphalia already working with the readybank credit platform. The corresponding sales staff of readybank will be taken on board and the savings banks will continue to benefit from the service and support that has been provided to them. BankenService GmbH, a nationally operating back office service provider of Landesbank Berlin, will acquire the service subsidiary readypartner gmbh with all 84 employees.

Heinz Mayer, Chairman of the Managing Board of readybank ag, said: “The consumer loan business built up with numerous savings banks in North Rhine-Westphalia over the past years can now be continued under a new roof. The sale secures the future of a substantial number of the employees, above all of readypartner. Christiane Wolff, my colleague on the Managing Board, and I would like to take this opportunity to thank all our employees, who did a splendid job during a long period of uncertainty.”

Dietrich Voigtländer, Chairman of the Supervisory Board of readybank ag and CEO of WestLB AG, said: “The successful sale of readybank´s consumer credit business with the savings banks marks an important step towards consolidation in the Sparkassen-Finanzgruppe. With the sale we are at the same time implementing a further requirement of the European Commission.”