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Landesbank Baden-Württemberg

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German commercial bank

Landesbank Baden-Württemberg

Company type	Public bank
Industry	Financial services
Predecessor	Landeskreditbank Baden-Württemberg Württembergische Landessparkasse
Founded	1 January 1999 (1999-01-01)
Headquarters	Stuttgart,Germany
Key people	Rainer Neske
Products	Investment banking,Commercial banking,Retail banking,Private banking,Asset management
Total assets	€369.027 billion (Q1 2025)
Total equity	€16.10 billion (2023)
Owner	Savings bank Association of Baden-Wuerttemberg (41%) Baden-Württemberg (25%) Stuttgart (19%) Landesbeteiligungen Baden-Württemberg (14%) Landeskreditbank Baden-Württemberg (2%)
Number of employees	10,434 (December 31, 2023)
Website	lbbw.de

Landesbank Baden-Württemberg (lit. 'Baden-Württemberg State Bank', LBBW) is a universal bank and the Landesbank for someFederal States ofGermany (Baden-Württemberg, Rheinland-Pfalz, Sachsen). As of 2018, it is Germany's biggest state-backed landesbank lender.^[1]

LBBW is a full-service and commercial bank and central bank for savings banks in Baden-Württemberg, Rhineland-Palatinate and Saxony. The company focuses on industrial technologies, information technology, software, telecommunication, innovative services and life science. It prefers to invest in Southern Germany, but also considers investments in other regions of Germany,Austria andSwitzerland.^[2]

LBBW has been designated as a Significant Institution since the entry into force ofEuropean Banking Supervision in late 2014, and as a consequence is directly supervised by theEuropean Central Bank.^[3]^[4]

History

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On 1 January 1999, Landesbank Baden-Württemberg (LBBW) was formed through the merger of SüdwestLB, Landesgirokasse, and the commercial banking business of L-Bank.

On 1 August 2005, Baden Württembergische Bank (BW-Bank) was incorporated into LBBW as a legally dependent institution under public law. Also as a legally dependent institution under public law, the former Landesbank Rheinland-Pfalz was integrated in the LBBW Group on 1 July 2008 under the new name Rheinland-Pfalz Bank. In 2007, the state governor of Baden-Württemberg,Günther Oettinger, announced that LBBW would pay an initial 250 million euros, or $342 million, for its competitor Sachsen LB;^[5] on 1 April 2008, LBBW re-organized its activities in Central Germany (Thuringia,Saxony-Anhalt andSaxony) under the umbrella of Sachsen Bank.

By the2008 financial crisis, LBBW had already grown to become the biggest and strongest of Germany's seven remaining independent public Landesbanken.^[6] It nonetheless had to take a statebailout of 5 billion euros^[7] and reduced its portfolio oftoxic assets to 3 billion euros by 2014 from 95 billion in 2008.^[8] Similar to other public lenders, it opted for support from its regional state owner instead of drawing on help fromSoFFin, the federal government's bail-out scheme.^[9] By 2009, theEuropean Commission approved arestructuring plan which had the institution focus on its core regional banking businesses, curtail capital market andproprietary trading activities and shrink its balance sheet.^[10]

In 2019, LBBW became one of six banks to be mandated by theIslamic Development Bank (IsDB) to raise $1.5 billion in five-yearsukuk.^[11]

Assets

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LBBW holds shares in various subsidiaries, including the following:

LBBW Asset Management
MKB Mittelrheinische Bank
Südfactoring
Südleasing
HSBC Trinkaus & Burkhardt (18.7%)

Controversy

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In late 2009, state prosecutors raided the Stuttgart headquarters of LBBW as part of an investigation into alleged breaches of trust in connection with the bank'ssubprime investments.^[12] Several managers were later tried on accounting charges.^[13]

In 2015, an LBBW subsidiary in Switzerland agreed with theU.S. Department of Justice to pay a penalty of $34,000 to avoid possible prosecution for helping U.S. account holders conceal assets from theInternal Revenue Service and evade taxes. The subsidiary, LBBW (Schweiz) inZürich, had previously held 35 U.S.-related accounts with $128 million in assets under management since August 2008.^[14]

Another LBBW subsidiary, LBBW Luxemburg S.A., is engaged in litigation against the American bankWells Fargo as of 2012.^[15]

References

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^Andreas Kröner (February 16, 2016),Former Deutsche Bank exec Neske to head LBBW- sourcesReuters.
^"LBBW Venture Capital GmbH: Private Company Information - BusinessWeek".investing.businessweek.com. Retrieved2 March 2011.^{[dead link]}
^"The list of significant supervised entities and the list of less significant institutions"(PDF).European Central Bank. 4 September 2014.
^"List of supervised entities"(PDF).European Central Bank. 1 January 2023.
^Nicola Clark (August 27, 2007),Mortgage Crisis Forces Sale of German BankNew York Times.
^Nina Luttmer and Ivar Simensen (November 28, 2007),LBBW faces €800m writedownFinancial Times.
^Nikki Tait and James Wilson (December 15, 2009),EU gives go-ahead to LBBW revampFinancial Times.
^Arno Schuetze (November 12, 2014),Germany's LBBW clears out toxic assets, profit risesReuters.
^Daniel Schäfer (November 30, 2008),BayernLB set for €10bn bail-outFinancial Times.
^Nikki Tait and James Wilson (December 15, 2009),EU gives go-ahead to LBBW revampFinancial Times.
^Davide Barbuscia (November 12, 2019),Islamic Development Bank hires banks for green euro sukukReuters.
^Nikki Tait and James Wilson (December 15, 2009),EU gives go-ahead to LBBW revampFinancial Times.
^Karin Matussek (February 6, 2014),[1]Bloomberg News.
^Karen Freifeld (May 28, 2015),U.S. reaches deals with four more banks under Swiss programReuters.
^Mark Calvey (October 2, 2012),"German bank sues Wells Fargo alleging $1.5 billion securities fraud",San Francisco Business Times, retrievedNovember 6, 2012

External links

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Landesbank Baden-Württemberg

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