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LBBW New York Branch

Overview:

Landesbank Baden-Württemberg (LBBW) acts as the central bank to savings banks in the German state of Baden-Württemberg. The bank handles large transactions (wholesale banking, financial securities, foreign exchange) too costly for the smaller state savings banks. It also provides traditional retail banking, real estate and commercial loans, and portfolio management services. The bank has approximately 230 branches. Through subsidiaries such as Süd Private Equity, SüdFactoring, and SüdLeasing Immobilien, among others, LBBW also provides leasing, factoring, venture capital, and equity financing services.

History:

Landesbank Baden-Württemberg can look back on a long history. One of its predecessor institutions was among the first savings banks in Germany.

In 1818, Queen Katharina of Württemberg founded Württembergische Sparkasse "for the benefit of the poor among the population". In 1975, this institution merged with Städtische Sparkasse Stuttgart which had been established in 1884 to become Landesgirokasse. With the beginning of payment transactions in 1916, Württembergische Kommunale Landesbank was founded as the central banking institution of the savings banks in Württemberg. At the end of 1988, it merged with Badische Kommunale Landesbank to form Südwestdeutsche Landesbank (SüdwestLB).

The present LBBW was formed as of 1 January 1999 through the merger of Südwestdeutsche Landesbank Girozentrale, Landesgirokasse - öffentliche Bank und Landessparkasse, and the commercial banking business of Landeskreditbank Baden-Württemberg (founded 1924).

Hence, this was the first vertical merger within the S Financial Group in the history of German Landesbanken. The former Landesgirokasse, as the second largest German savings bank, brought a strong retail banking business into the new bank, while the former SüdwestLB, on the other hand, had a comprehensive wholesale banking business. Thus, the new Landesbank Baden-Württemberg provided the full range of banking services.

At the beginning of 2005 LBBW took over Landesbank Rheinland-Pfalz as a wholly-owned subsidiary and integrated it fully in the LBBW Group on 1 July 2008 under the new name Rheinland-Pfalz Bank. As of 1 August 2005, Baden-Württembergische Bank (BW-Bank) was integrated in LBBW as a legally dependent institution under public law. On 1 April 2008 the LBBW group concentrated its activities in Central Germany (Thuringia, Saxony-Anhalt and Saxony) under the umbrella of Sachsen Bank, a legally dependent institution under public law.

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