WestLB Sells Polish Subsidiary to Abris Capital Partners and IDMSA
WestLB Realignment Takes Further Step Forward
WestLB AG is selling its Polish subsidiary WestLB Bank Polska S.A. An agreement to this effect has been reached between Abris Capital Partners and IDMSA as purchaser and WestLB AG subject to final approval by the relevant authorities and bodies. The transaction is scheduled to be concluded in autumn. No details of the purchase price were disclosed. The sale, which was completed noticeably faster than originally envisaged, marks a further step towards focusing WestLB on its core competencies and implementing a decision of the European Commission to this effect.
Thomas Groß, the member of the WestLB Managing Board responsible, said: “We have found a solution which benefits all parties involved. Our profitable Polish subsidiary and its highly qualified employees acquire new and strong owners. At the same time WestLB has taken a decisive step forward in focusing on its core competencies.” WestLB will concentrate in the future on the following areas: Verbund/Mittelstand, Transaction Banking, Capital Markets and Corporates & Structured Finance.
WestLB Bank Polska S.A. offers its commercial and public-sector clients a wide range of products and services, including bilateral and syndicated loans, structured products, treasury services, payment transactions, international cash management and foreign trade finance as well as custodial services. Total assets amounted to approximately 1,66 billion Zloty on December 31, 2009. The subsidiary currently employs 46 people.