Landesbank Baden-Wuerttemberg
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| Public bank | |
| Industry | Financial services |
| Founded | 1 January 1999 |
| Headquarters | Stuttgart, Germany |
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Key people
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Hans-Jörg Vetter |
| Products | Investment banking, Commercial banking, Retail banking, Private banking, Asset management |
| Revenue | $21 billion (2010) |
| Owner | Savings bank Association of Baden-Wuerttemberg (41%) Baden-Württemberg (25%) Stuttgart (19%) Landesbeteiligungen Baden-Württemberg (14%) Landeskreditbank Baden-Württemberg (2%) |
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Number of employees
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13,369 (December 31, 2008) |
| Website | www |
Landesbank Baden-Württemberg (LBBW) is a parent company of three commercial banks and the Landesbank for some Federal States of Germany. As of 2017, it is Germany's biggest state-backed landesbank lender.
On 1 January 1999, Landesbank Baden-Württemberg (LBBW) was formed through the merger of SüdwestLB, Landesgirokasse, and the commercial banking business of L-Bank.
On 1 August 2005, Baden Württembergische Bank (BW-Bank) was incorporated into LBBW as a legally dependent institution under public law. Also as a legally dependent institution under public law, the former Landesbank Rheinland-Pfalz was integrated in the LBBW Group on 1 July 2008 under the new name Rheinland-Pfalz Bank. In 2007, the state governor of Baden-Württemberg, Günther Oettinger, announced that LBBW would pay an initial 250 million euros, or $342 million, for its competitor Sachsen LB; on 1 April 2008, LBBW re-organized its activities in Central Germany (Thuringia, Saxony-Anhalt and Saxony) under the umbrella of Sachsen Bank.
Today, LBBW is a full-service and commercial bank and central bank for savings banks in Baden-Württemberg, Rhineland-Palatinate and Saxony. The company focuses on industrial technologies, information technology, software, telecommunication, innovative services and life science. It prefers to invest in Southern Germany, but also considers investments in other regions of Germany, Austria and Switzerland.
During the financial crisis of 2007–2008, LBBW took a state bailout and reduced its portfolio of toxic assets to 3 billion euros by 2014 from 95 billion in 2008.
In 2015, an LBBW subsidiary in Switzerland agreed with the U.S. Department of Justice to pay a penalty of $34,000to avoid possible prosecution for helping U.S. account holders conceal assets from the Internal Revenue Service and evade taxes. The subsidiary, LBBW (Schweiz) in Zurich, had previously held 35 U.S.-related accounts with $128 million in assets under management since August 2008.
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Wikipedia