(LBBW) is considering plans to merge with Munich-based BayernLB,
the bank has recently revealed.
Südleasing, LBBW Leasing and several other high-profile leasing
subsidiaries in Germany, said it was prepared to enter into
“concrete merger talks” with BayernLB, the troubled state-owned
bank.
LBBW added that it intended to
continue to play “an active role” in the consolidation of the
banking sector.
In an interview with the Stuttgarter
Zeitung, however, LBBW’s CEO Siegfried Jaschinski said that it is
unlikely to see many developments anytime soon in its expansion
strategy, including any advancement of talks with its Munich-based
counterpart.
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Both banks have been very hit hard by
the global credit crunch. BayernLB has confirmed it will have to
cut staff by more than 5,000, one-quarter of its total workforce,
over the next five years as part of an “extensive programme of
restructuring and down-
sizing”.
BayernLB owns 30 percent of KGAL, the
leasing company, as well as a controlling stake of Hypo Group Alpe
Adria, the Austrian banking group which has leasing subsidiaries in
most Central and Eastern Europe countries.
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