Landesbank Baden-Württemberg takes over Berlin Hyp
Created: 2022-01-26Updated: 2022-01-26 2:33 PM
The Landesbank Baden-Württemberg (LBBW) real estate financier Berlin Hyp © Nina Hansch/dpa/archive image
The Landesbank Baden-Württemberg (LBBW) takes over the real estate financier Berlin Hyp. The contract was signed on Wednesday, a purchase price was not communicated, reported the LBBW in Stuttgart.
Stuttgart/Berlin - The transaction still has to be approved by antitrust law.
In addition, the committees of the savings bank organization would have to give the green light, the bank said.
The takeover should then be finally completed in the summer.
Berlin Hyp is owned by Landesbank Berlin Holding AG.
LBBW is the largest state bank in Germany.
With the entry, LBBW is strengthening one of its core business areas, said CEO Rainer Neske.
The CEO of Berlin Hyp, Sascha Klaus, said that his bank had prepared for the future with digitization projects and a sustainability strategy.
"We will bring these strengths to LBBW in the future," the Landesbank quoted him as saying.
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Within the LBBW Group, Berlin Hyp is managed as an independent subsidiary under its established brand.
Nothing changes for customers and employees of LBBW and Berlin Hyp, as the Landesbank from the southwest announced.
dpa