Helaba Wants WestLB’s Cash Management Unit, Rundschau Reports He

Landesbank Hessen-Thueringen, which will take over WestLB AG’s Verbundbank unit, also wants to acquire the German lender’s cash management and depositary bank operations, Frankfurter Rundschau reported today, citing people involved in the negotiations between WestLB and Helaba.

Helaba would after such a transaction settle some 15 billion euros ($18.9 billion) in payments every year and increase its balance sheet by 40 billion euros to almost 200 billion euros, the newspaper said. The number of employees would rise by 450 to 6,500, Frankfurter Rundschau reported.

To contact the reporter on this story: Niklas Magnusson in Hamburg at nmagnusson1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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