German bank stabilisation fund Soffin has said the process to sell the wholesale bank West LB must begin by 30 September. Meanwhile, WestLB is seeking to auction its real estate financing unit Westimmo.
German bank stabilisation fund Soffin has said the process to sell the wholesale bank West LB must begin by 30 September. Meanwhile, WestLB is seeking to auction its real estate financing unit Westimmo.
WestLB is owned by the German state of North Rhine-Westphalia and two savings bank groups. The European Commission has ordered that a majority stake in WestLB be sold off in return for approval of state aid for the bank.
Soffin announced on Thursday that Fredrich Merz, a former Christian Democrat member of the federal parliament, has been appointed as government trustee to manage the sale.
