The WestLB AG is an internationally active clearing bank with seat in Duesseldorf and

Company

The West German Landesbank was created on 1 January 1969 by fusion of the Rheini Girozentrale and Provinzialbank, Duesseldorf and the Landesbank for Westphalia Girozentrale, as institute of the public right. 1972 opened the bank an address in Luxembourg, 1973 in London and 1975 in New York town center.

1996 took over the WestLB the Londoner Investmentbank Panmure Gordon CO. Ltd. and began to develop under the name WestLB Panmure a European Investmentbanking business within the share range. Beyond that the operational readiness level in London substantial was developed. Occasionally approximately 4,000 coworkers worked to the Themse. An enormous new building in London with integrated Fitnesscenter for the investment bankers were outward high points of the internationalization. After risky business of the range Principal Finance in London under Robin Saunders a balance loss of the bank of 482.6 million euro resulted. In the consequence of becoming known the problems in the years 2002 and 2003 first the responsible director of work Andreas Seibert and short time later also the chairman of the board Sengera withdrew and its successor Johannes Ringel from their offices. The WestLB came in particular also by the sluggish confession of the problems into a deep crisis. As consequence from the failed plans of an international Investmentbank the risky loan businesses were gone back and the focus was gone back back on North-Rhine/Westphalia as central Dienstleister of the savings banks. Unfortunately also due to the missing critical mass parts of the Investmentbankings were given up and sold to WestLB Panmure at Lazard. The inclination was regenerated by the public ownership structures of the bank also in the federal state policy.

1 August 2002 the WestLB became into the Landesbank North-Rhine/Westphalia (today: NORTH-RHINE/WESTPHALIA BANK) and split up into the WestLB AG. The NORTH-RHINE/WESTPHALIA BANK operates the so-called "“public as institute of the public right for the country North Rhine-Westphalia (e.g. assignment of promotion credits). The WestLB AG operates the so-called competition business in the legal form of the corporation as clearing bank and as central bank of the rheinischen and the savings banks.

Shareholders of the WestLB AG are to time (conditions: 30. September 2004) the Rheini savings bank and Giroverband (30.625%), the Lippi savings bank and Giroverband (30.625%) and the NORTH-RHINE/WESTPHALIA BANK (38.75%). At the NORTH-RHINE/WESTPHALIA BANK again the country North Rhine-Westphalia with 64,74% as well as the landscape federations Rhine country and Westphalia lip with in each case 17.63% are involved

Chairman of the board

• 1969 - 1978 Ludwig Poullain
• 1978 - 1981 Johannes
• 1981 - 2001 Friedel Neuber
• 2001 - 2003 Sengera
• 2003 Johannes Ringel
• since 1 January 2004 Thomas's R. Fischer

Related links

• westlb.de - official Website of the WestLB.
• Chronicle of the WestLB affair with Zeit.de

Articles in category "WestLB"

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Related Websites

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