243:, who had become WestLB's CEO at its creation in 1969, announced intent to resign, but was instead fired by the Supervisory Board for gross neglect. In 1978 he was charged with bribery, fraud, and malfeasance regarding a US$ 465,000 consulting fee he received from controversial financier Josef Schmidt. Poullain had allegedly not properly disclosed to the Supervisory Board items that included the terms of his consulting engagement, a loan he had simultaneously granted to Schmidt for the same sum, and Schmidt's legal issues at the time. He later claimed that the charges were politically motivated, and in 1981 was cleared of them all.
38:
598:
268:, the head of the Rhineland Federation of Savings Banks, who had no professional banking experience. In mid-1982, WestLB raised DM1.12 billion in new capital, mostly from the North Rhine-Westphalia state government. By the mid-1980s, WestLB expanded its international operations, including through a 1986 arrangement to sell securities on the Tokyo exchange. In May 1988, together with other major German banks, it provided large-scale loans to the
879:
31:
402:
In
November 2008, the board of WestLB announced that it intended to obtain state loan guarantees and look at raising additional capital from the government of Germany specially set up bailout fund. There are also any ideas to merge the WestLB with other state owned banks or to rearrange segments of
642:
398:
In
February 2008, as the global credit crisis evolved, WestLB was allocated a 5bn Euros guarantee by North Rhine Westphalia and a group of local banks. The bank was reported to have suffered from exposure to investments in structured credits.
440:
As per 30 June 2012, the brand WestLB was given up and the remaining company continued to operate under the name of
Portigon Financial Services AG. Besides, EAA and another organisation under the roof of Hessian and Thuringian Landesbank
231:
The new heavyweight soon had to face controversy, however. In 1973 it posted more than US$ 150 million in foreign-exchange losses, the result of unauthorized speculative trading by employees who were subsequently fired. In
December 1977,
84:, but it expanded into numerous risky activities that ultimately led to its restructuring and dismantlement in the late 2000s. As of 30 June 2012, the residual operations of WestLB were transferred to a legacy non-bank entity,
1330:
1425:
670:
766:
700:
321:
308:
272:, and (through a Swiss subsidiary) purchased Moscow's first foreign bond issuance since the 1917 revolution. A renewed attempt to acquire Hessische Landesbank failed again in late 1988.
224:). In narrow terms, this ambition succeeded when WestLB became Germany's third-largest lending institution in 1976. That same year, it attempted but failed to take over the ailing
1467:
729:
867:
770:
1616:
678:
559:
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In
November 2009, 85 billion in problem assets were transferred from WestLB to a winding up agency called Erste Abwicklungsanstalt (EAA), colloquially also called '
337:
708:
533:
845:
468:
247:
520:
494:
1270:
860:
507:
455:
350:
Total assets of the group were €288.1 bn as of
December 31, 2008 (€292.1bn as of September 30, 2006) with operations spread over eleven countries in
233:
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481:
258:
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1098:
546:
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in 1877. The two provincial banks played a significant role in the dynamic industrial development of the
Rhineland and Westphalia until
1300:
903:
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1492:
928:
875:
620:
418:
1356:
840:
275:
In
January 2001 after WestLB had notified banking investigators about very large sums moving between offshore vehicles and
306:. On July 19, 2005, public guarantees provided by the local government, including the so-called institutional liability (
246:
Profits again dropped by two-thirds in the fiscal year 1980, leading to calls for the departure of
Poullain's successor
102:
WestLB's origins go back to an unusual initiative of the
Swedish government, which in 1818 offered 160,000 taler to the
1631:
76:. It was created in 1969 by the merger of two predecessor entities respectively for the Rhineland and Westphalia. As a
1636:
208:
The new merged bank was incorporated on January 1, 1969, with seat in Düsseldorf on the same location as the defunct
512:
212:. It ambitioned to challenge the domination of the German financial landscape by the "big three" commercial banks (
186:
The Landesbank der Rheinprovinz engaged in aggressive risk-taking during the 1920s and failed spectacularly in the
898:
1462:
1409:
1275:
445:
are dealing with the aftermath of the quasi bankruptcy and carrying on with core functions of the former WestLB.
187:
1161:
923:
918:
117:
declared that sum the property of all Westphalia to be used for economic development and infrastructure. The
583:
279:
accounts at WestLB, Düsseldorf prosecutors uncovered DM15 billion ($ 7 billion) had passed through WestLB,
1415:
1310:
836:
178:
97:
347:, under which WestLB and the other Landesbanks would concentrate on competitive commercial operations.
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147:. This in turn inspired the creation of a similar institution in the neighboring Prussian
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190:. Its operations were restructured and transferred in 1935 to the newly formed
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as reparation for damages inflicted by Swedish and Dutch forces during the
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1078:
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1001:
753:"Umfassende Konsolidierungsstrategie: Sparkassen ordnen Landesbanken neu"
280:
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166:
80:, WestLB's core business was wholesale banking on behalf of the region's
1305:
1202:
1032:
578:
379:
144:
81:
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Documents and clippings about Landesbank für Westfalen - Girozentrale
625:
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332:) were abolished. These changes implemented an agreement with the
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302:), and its promotional banking operations were transferred to
30:
383:
257:, who eventually resigned in July 1981. He was succeeded by
359:
1181:
799:
370:, including significant investment banking operations in
818:
403:
the WestLB in the German system of state owned banks.
41:
WestLB head office in Düsseldorf, photographed in 2008
619:Уокер, Маркус (Walker, Markus) (26 September 2001).
593:
426:
25.032% Sparkassen- und Giroverband Westfalen-Lippe
406:As of May 10, 2009, WestLB's shareholders were:
294:On August 30, 2002, WestLB was converted into an
143:in 1832, sometimes referred to as the first-ever
1617:Companies listed on the Frankfurt Stock Exchange
1603:
623:[Germany laundered Trans World Group].
861:
414:(also partly owned by North Rhine-Westphalia)
655:: CS1 maint: multiple names: authors list (
134:Westphalian Provincial Bank and Support Fund
203:
124:
72:, mainly controlled by the German state of
49:
868:
854:
193:Rheinische Girozentrale und Provinzialbank
36:
29:
14:
1604:
139:) was established for that purpose in
849:
618:
120:Westphalian Provinzialbank-Hülfskasse
1627:1969 establishments in West Germany
929:Raiffeisenlandesbank Oberösterreich
621:"Германия отмыла Trans World Group"
68:) was a major German bank based in
24:
1568:JPMorgan Chase Bank, London Branch
1357:Banque Internationale à Luxembourg
196:. In 1969, the latter merged with
25:
1648:
788:
200:to form Westdeutsche Landesbank.
877:
596:
183:in 1890 and 1888 respectively.
172:Landesbank der Provinz Westfalen
154:Rheinische Provinzial-Hülfskasse
1276:Banca Monte dei Paschi di Siena
188:European banking crisis of 1931
1331:Raiffeisen Landesbank Südtirol
759:
745:
734:
723:
693:
663:
612:
429:17.766% North Rhine-Westphalia
86:Portigon Financial Services AG
59:Western German Provincial Bank
13:
1:
1622:Companies based in Düsseldorf
1172:SECB Swiss Euro Clearing Bank
924:Raiffeisen Bank International
919:Oesterreichische Nationalbank
899:Bank für Tirol und Vorarlberg
796:"English WestLB AG Home Page"
589:
448:
91:
1162:Landesbank Baden-Württemberg
815:"German WestLB AG Home Page"
629:(in Russian). Archived from
584:German public banking sector
7:
1311:Cassa di Risparmio di Fermo
1167:Landesbank Hessen-Thüringen
837:20th Century Press Archives
572:
419:Sparkassen- und Giroverband
393:
319:) and guarantor liability (
210:Landesbank der Rheinprovinz
179:Landesbank der Rheinprovinz
98:Landesbank der Rheinprovinz
10:
1653:
95:
1632:Banks established in 1969
1542:
1516:
1468:Banco Cooperativo Español
1450:
1434:
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1371:
1344:
1286:Banca Popolare di Sondrio
1263:
1237:
1221:
1195:
1117:
1066:
1025:
994:
973:
942:
891:
161:in 1854 and relocated in
27:Former German public bank
1637:Defunct banks of Germany
1281:Banca Popolare del Lazio
885:Euro Banking Association
336:known in Germany as the
204:Creation and development
198:Landesbank für Westfalen
1213:National Bank of Greece
46:Westdeutsche Landesbank
1362:Gazprombank Luxembourg
1125:Bank of America Europe
934:UniCredit Bank Austria
329:
316:
107:province of Westphalia
74:North Rhine-Westphalia
42:
34:
1384:De Nederlandsche Bank
1084:BRED Banque Populaire
113:. Prussian statesman
40:
33:
1012:Sparekassen Sjælland
560:Dietrich Voigtländer
338:Brüsseler Konkordanz
226:Hessische Landesbank
169:. They were renamed
1152:Deutsche Bundesbank
1094:Crédit Mutuel Arkéa
767:"Aktionärsstruktur"
730:The Daily Telegraph
645:(kompromat.flb.ru).
534:Alexander Stuhlmann
358:, six countries in
354:, six countries in
334:European Commission
330:Gewährträgerhaftung
300:joint stock company
1245:Allied Irish Banks
1177:Standard Chartered
955:BNP Paribas Fortis
711:on 11 October 2007
681:on 11 October 2007
633:on 2 February 2013
296:Aktiengesellschaft
43:
35:
1599:
1598:
1208:Eurobank Ergasias
1104:La Banque postale
521:Thomas R. Fischer
277:Trans World Group
64:, abbreviated as
16:(Redirected from
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1442:Bank of Slovenia
1426:Crédito Agrícola
1410:Banco BAI Europa
1316:Credito Emiliano
1271:Banca del Fucino
1109:Société Générale
909:Erste Group Bank
882:
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817:. Archived from
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798:. Archived from
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769:. Archived from
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741:de:WestLB#Fusion
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986:Hellenic Bank
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821:on 2006-02-21
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1301:BFF Bank
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573:See also
435:bad bank
417:25.032%
412:NRW.BANK
410:30.862%
394:Downfall
304:NRW.BANK
104:Prussian
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