WestLB AG: 14 March 2003
WestLB AG, Düsseldorf, LBBW Landesbank Baden-Württemberg, Stuttgart, and LRP Landesbank Rheinland-Pfalz, Mainz, have agreed that WestLB AG will acquire the respective 25% shareholdings of LBBW and LRP in Westdeutsche ImmobilienBank (WIB). The parties agreed not to disclose the purchase price. The acquisition of all shares by WestLB AG will ensure a uniform management of the real estate activities of Westdeutsche ImmobilienBank in the WestLB Group.
The acquisition is subject to approval by the corresponding governing bodies.
Following the merger of SüdwestLB, Landesgirokasse and L-Bank into Landesbank Baden-Württemberg, the shareholding in WIB represented a pure financial investment for LBBW, given that LBBW itself disposes of an extensive real estate financing portfolio. As part of a strategic review LRP also repositioned itself in terms of its real estate financing operations.
The business and investment links will not be affected by the sale of the respective shareholding in WIB. LRP, LBBW and WIB will continue to cooperate closely with one another in the future.
Westdeutsche ImmobilienBank
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