Merger of BLB with NORD/LB on 31 August
The merger of Bremer Landesbank (BLB) with Norddeutsche Landesbank (NORD/LB) will take place according to plan on 31 August 2017. The relevant decisions were taken by both institutions at the owners' meeting on Monday.
Clients of BLB will hardly notice this change. Their existing contacts in Bremen and Oldenburg will still be available. BLB clients will benefit in future from the strengths of both companies, with access to all products and services of NORD/LB Group. In particular, corporate and institutional clients can also use NORD/LB Group's international network with branches in London, New York, Singapore and Shanghai.
"The full merger of BLB with NORD/LB is the first key step in our transformation programme One Bank, whereby we create a new foundation for the entire NORD/LB Group," said Thomas Bürkle, Chairman of the Management Board of NORD/LB. "Bringing together two banks of such size is a major task. We are all the more happy that we can complete the merger to plan on 1 September. This has been possible because the management and staff of both companies showed a great deal of commitment."
As announced, the former BLB sites at Bremen and Oldenburg will survive. They will be led by a regional executive. Christian Veit, the former chairman of BLB, will take up this post from 1 September. Veit will also lead NORD/LB's group business with around 80 savings banks in north Germany.
NORD/LB's corporate client business in north Germany will be managed from Bremen as well. Bremen will be a company-wide competence centre for NORD/LB's private banking business, too. Moreover, the renewable energy business centred around onshore wind in Germany will be managed from Oldenburg. Business with corporate clients in the food and energy sectors as well as leasing companies and social housing will still be based in Oldenburg, whereas construction clients will be served from Bremen.
With total assets of EUR 176 billion, NORD/LB Norddeutsche Landesbank is one of Germany’s leading merchant banks. Its core business segments include structured finance in the energy and infrastructure sector, ship and aircraft finance, corporate client business, commercial real estate finance, capital market business and private and commercial client business. The Bank has headquarters in Hanover, Braunschweig and Magdeburg as well as offices in Düsseldorf, Hamburg, Munich, Schwerin and Stuttgart. Outside Germany, NORD/LB is active in Luxembourg with a covered bond bank (NORD/LB Covered Bond Bank) and also has offices in London, New York, Singapore and Shanghai.
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