Joint statement by the owners on securing the future of Bremer Landesbank

The owners of Bremer Landesbank (BLB), Norddeutsche Landesbank (NORD/LB), the Free Hanseatic City of Bremen (FHB) and the Lower Saxony Association of Savings Banks (SVN) have, after intensive negotiations, reached agreement to the effect that BLB is to become a fully owned subsidiary of NORD/LB. To this end the FHB and SVN will sell their shares in BLB to NORD/LB. The future of BLB is thus secured.

BLB will remain an active and valued member of the NORD/LB Group and a bank with its own identity, own name and own presence in the banking sector. BLB remains located in Bremen. FHB will have one seat on the Supervisory Board. The Oldenburg office will be maintained. Nothing will change in the relationship between BLB and its customers. Bremen will be released from its internal guarantor liability. BLB’s sponsoring and cultural grant arrangements will remain in place, equally proportioned at 50 percent for Bremen and Lower Saxony.

Bremen is to receive EUR 180 million as purchase price, together with the economic interests in the companies BLG, BREBAU and GEWOBA with a value of EUR 82 million.

Statement by Dr. Stephan-Andreas Kaulvers, Chairman of the Management Board of Bremer Landesbank, and Heinrich Engelken, Deputy Chairman of the Management Board of Bremer Landesbank:

"Against the background of the upcoming transition of shareholders, we accept that there are to be personnel changes. We do not wish to constitute an obstacle to this process and have consequently offered the Supervisory Board our resignation in due course.

The owners have accepted this offer with regret and requested us to stay on board until our successors have been appointed and familiarised with their new positions. The Supervisory Board will be taking a decision on the change in the Management Board at an extraordinary meeting in the near future."

Statement on behalf of the owners of Bremer Landesbank by Bremen’s Mayoress Karoline Linnert, Senator for Finances of the State of Bremen, Dr. Gunter Dunkel, Chairman of the Managing Board of NORD/LB, and Thomas Mang, President of the Lower Saxony Association of Savings Banks: "We regret this step and have great respect for this decision. It takes place by complete and mutual agreement. We would like to express our thanks to Dr. Kaulvers and Mr. Engelken for the excellent, trust-based cooperation."

Jörg Walde, Chairman of the General Staff Council, on behalf of the employee representatives on the Supervisory Board of Bremer Landesbank: "In my view there need not have been any reason for terminating the contracts. I respect this decision and would like to express my thanks for the longstanding, candid and trust-based cooperation."


NORD/LB Corporate Communication
Friedrichswall 10
30159 Hannover

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