Landesbank Baden-Württemberg (LBBW) is taking over the real estate financier Berlin Hyp. Corresponding contracts were signed on Wednesday, LBBW announced. Financial details of the acquisition were not given. In financial circles there was talk of more than one billion euros in cash in December. The committees of the savings bank organizations and the cartel office still have to agree. The acquisition should be completed in the summer. “We at LBBW are thus strengthening one of our core business areas, in which we have been growing very successfully for several years,” LBBW CEO Rainer Neske explained the takeover. In addition to LBBW, Landesbank Hessen-Thüringen and the savings bank fund house Deka also advertised for Berlin Hyp, which previously belonged to Landesbank Berlin Holding (LBBH).
Banks – LBBW buys Berlin Hyp – Economy
