Board of Owners gives the green light

Frankfurt am Main / Erfurt, 12 December 2011 - Press Release of the Ministries of Finance Hesse and Thuringia and the Savings Banks and Giro Association Hesse-Thuringia

The owners of Landesbank Hessen-Thüringen (Helaba) — the Savings Banks and Giro Association Hesse-Thuringia (85 %), the State of Hesse (10 %) and the Free State of Thuringia (5 %) — have today been informed of the results of the due diligence examination performed at the S-Group Bank of WestLB.

They have mandated the Board of Directors of Helaba to start concrete negotiations with the aim of integrating the S-Group Bank business. At the same time, they have declared their general willingness to assume the business function of a central bank for the savings banks in North Rhine-Westphalia.

The cornerstones of the S-Group Bank of WestLB have not changed as compared with the arrangements prior to the commencement of the due diligence process. Total assets amount to about € 40 billion, risk weighted assets total about € 8 billion and equity capital € 1 billion; the bank has a workforce of about 400.

The integration of the S-Group Bank of WestLB will in particular enable the continuation of the business with the savings banks in North Rhine-Westphalia, SME customers and the public sector from a location in Düsseldorf.

Contact

Stefan Löwer, Press Officer,
Hessian Ministry of Finance,
Telephone: + 49 (0(611/32-2457

Sandra Archut,
Press Officer, Thuringian Ministry of Finance,
Telephone: +49 (0) 361/3796608

Dr. Michael Auge, Dept. Information and Communication,
SGVHT,
Telephone: +49 (0)69/2175-100

Press | Dec 12, 2011