The Landesbank Baden-Würtemberg can swallow the savings bank real estate financier Berlin Hyp.
(Photo: imago images / Arnulf Hettrich)
Frankfurt LBBW emerged as the winner in the poker game for the takeover of the Sparkasse real estate financier Berlin Hyp. The Landesbank Baden-Württemberg (LBBW) is to be awarded the contract. At a meeting of association representatives on Tuesday, a preliminary decision for LBBW was made, according to financial circles. First the “Süddeutsche Zeitung” reported about it.
The decisive factor is the fact that, unlike the other bidders Deka and Helaba, LBBW is willing to pay the purchase price in full in cash. The price for Berlin Hyp is said to be more than one billion euros. The Sparkasse fund service provider Deka and the Landesbank Hessen-Thüringen (Helaba) had planned to pay the purchase price largely with their own shares.
The owners of the Berlin real estate bank must make the final decision on the sale. Most of the around 370 German savings banks hold shares in Berlin Hyp. But it is unlikely that the current directional decision will be corrected, it is said in financial circles.
Berlin Hyp is currently owned by the Sparkassen and, together with Berliner Sparkasse, is part of Landesbank Berlin Holding. The savings banks want to dissolve this holding, among other things because of the demand of the financial supervisory authority for a more stringent management of the group companies.
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While the Berliner Sparkasse is to be kept as an independent institute, the Sparkassen had started a sales process for Berlin Hyp. Only bidders from the public finance sector were allowed to participate.
Many savings banks would like to see as much cash as possible when selling Berlin Hyp – among other things, to redeem part of the loans they took out in 2007 for the multi-billion dollar takeover of Landesbank Berlin. The savings banks acquired Landesbank Berlin in 2007 for more than five billion euros.
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