Owners argue about NordLB’s course

NorthLB

The state of Lower Saxony and the nationwide savings banks are fighting over the future course of the Hannoveraner Landesbank. The country is the largest owner, but the savings banks also contributed money to save the bank in 2019.

(Photo: Ulrich Baumgarten / vario images)

Frankfurt A good three years after the rescue of the Norddeutsche Landesbank (NordLB), a fierce dispute is raging between the owners about the future of the Hanover-based bank. The German savings banks, which have held around 24 percent of NordLB since the rescue, are critical of the expansion of business in 2022 and the growth plans for the coming years, as several people familiar with the topic told the Handelsblatt. They accuse NordLB of not adhering to the guidelines agreed at the end of 2019 and of taking too many risks in new business.

The state of Lower Saxony, the largest shareholder with 57.5 percent, and the bank itself reject the allegations. According to insiders, they in turn complain that the German savings banks would subsequently question agreements: for example, NordLB’s commitment to the expansion of renewable energies. From their point of view, the bank must grow and develop in order to be able to survive in the long term.

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