The head of the German Savings Banks and Giro Association emphasizes that close cooperation with savings banks is crucial for state banks.
(Photo: dpa)
Hanover Against the background of the struggle over the future orientation of NordLB, Savings Bank President Helmut Schleweis emphasized the solidarity between Savings Banks and Landesbanken. In doing so, he indirectly speaks out against the savings banks leaving the Hannoveraner Landesbank as owners.
“If you look at it soberly, every Landesbank knows that close cooperation with savings banks is necessary for a good future. The federal states also know that,” he said on Thursday at the Sparkasse Day in Hanover.
On Wednesday, the Prime Minister of Lower Saxony, Stephan Weil (SPD), indicated at the same event with around 2,700 participants that, if necessary, a new ownership structure for NordLB would have to be considered. This was often seen as an escalation in the dispute over the Landesbank.
It is his wish that the NordLB support community quickly find a common understanding that secures the future of NordLB in the long term. “But if this is not possible, then there is also the option of ending such a partnership amicably and amicably,” says Weil.
The Prime Minister did not say what exactly that could mean for NordLB. But many observers assume that he was alluding to a possible exit of the nationwide savings banks and the other state banks from NordLB. However, it is unclear how and with what consequences Lower Saxony could take over further shares in NordLB.
Dispute over the question of how much NordLB can grow
The Lower Saxony savings banks and the state of Lower Saxony together hold two-thirds of NordLB. You have been struggling with the other savings banks in Germany for months about the future orientation of the bank.
The federal German savings banks, which have held around 24 percent since the rescue of NordLB three and a half years ago, are critical of the Hanover bank’s growth course and find the plans for new bank management oversized. Schleweis had said at the beginning of the week that everyone involved was in “proper, good talks”.
In the public banking sector, some are bothered by NordLB’s growth ambitions, which are supported by the state of Lower Saxony, because they fear new risks. They are therefore blocking the introduction of a new bank control IT system. There has been no solution for months – this is paralyzing NordLB.
Schleweis regrets missed Landesbanken consolidation
There are currently four large Landesbanken in Germany. In addition to NordLB, these are LBBW in Stuttgart, BayernLB in Munich and Helaba in Frankfurt.
They are owned in varying proportions by the respective federal states and the regional savings banks. Savings banks and state banks are closely linked, for example through their security systems, which ensure that financial institutions that get into trouble are rescued.
Schleweis, who will head the German Savings Banks and Giro Association (DSGV) until the end of the year, had tried to initiate the merger of several state banks. However, he failed due to various resistances in the savings bank group.
On Thursday, the DSGV boss expressed regret that there had been no progress here: The task of larger units at the state banks “is not yet complete”. “I think it has yet to be done. And that will happen. Later, hopefully self-determined.”
In the past, consolidation in the Landesbanken sector only succeeded under pressure. The once largest German state bank, WestLB, was split up after being rescued with state money in 2012.
More: Savings banks warn of excessive demands from the heating law