Dekabank, the asset manager for Germany’s savings banks, will acquire Landesbank Berlin Holding AG’s fund business as the lender focuses on consumer banking in the country’s capital to cut costs.
Landesbank Berlin, which is owned by the savings banks, will transfer its capital-markets business and the fund arm of its LBB Invest unit to Frankfurt-based Dekabank, the DSGV savings banks association said today in a statement.
The move will help cut administrative costs by eliminating Landesbank Berlin’s structure and overlap in the capital-markets and asset-management businesses, DSGV said on its website. The group said it expects to see “first signs” of the changes in 2013.
Landesbank Berlin will concentrate on retail clients and commercial real estate financing in the region, while its Berlin Hyp unit will be made independent and continue its real estate financing outside of the the city, according to the statement.