Hints and tips:
...NatWest, Natixis, Bank of America and German lender Portigon were also accused of breaching antitrust rules between 2007 and 2011, but were not fined by EU regulators....
...IKB Deutsche Industriebank, WestLB and Sachsen LB were hit by the blow-up of the subprime mortgage market in 2007-2008....
...The CMA’s provisional findings follow a 2021 decision by the European Commission, which found seven banks — Bank of America, Natixis, Nomura, RBS (now NatWest), UBS, UniCredit and WestLB (now Portigon) —...
...Portigon, which was formally called WestLB, did not generate any net turnover in the most recent business year, so its €4.8m fine was reduced to zero....
...As a consequence, WestLB was broken up in 2012, while HSH Nordbank and NordLB were, or are being, rescued with the help of government money....
...Should no buyer materialise, HSH would share the fate of Düsseldorf-based WestLB, which the EU Commission forced Germany to wind down in 2012. Olaf Storbeck...
...In 2012, Brussels enforced the wind-down of scandal-prone WestLB....
...The banks targeted by the suits are Bank of America, Bank of Tokyo-Mitsubishi UFJ, Barclays, Citigroup, Credit Suisse, Deutsche Bank, HSBC, JPMorgan Chase, Lloyds Banking Group, Norinchukin Bank, Portigon...
...up the assets of Germany’s WestLB, according to people familiar with the matter....
...Those banks are Citibank and WestLB, a former German Landesbank now known as Portigon. Citi and Portigon declined to comment. Additional reporting by Kara Scannell in New York...
...WestLB, Germany’s largest Landesbank, collapsed completely, while others, including BayernLB, HSH and LBBW, had to be bailed out by their owners, comprised mainly of regional states and savings banks....
...Mr Voigtländer says he is pleased with the level of market interest shown in what Portigon can offer. Nevertheless, its only role so far stems directly from WestLB....
...WestLB no longer exists and Landesbank Berlin has been largely absorbed into the savings bank sector....
...He was previously chief economist and head of research at Portigon/WestLB....
...One Landesbank, Düsseldorf’s WestLB, was forced to close down by EU competition authorities with some functions taken over by Helaba, a Frankfurt-based counterpart....
...Its rump of staff will continue to work on winding down its legacy positions as part of a back-office portfolio management business to be renamed Portigon. WestLB can still sell assets until June 30....
...While one, WestLB, closed in the financial crisis, others have generally resisted moves to merge. Low interest rates are also prompting many savers to invest in property in the hope of better returns....
...WestLB will be broken up and its identity inherited by Portigon, a financial services provider that will not do banking business....
...WestLB on Wednesday announced a partnership with Hewlett-Packard to develop services for Portigon....
...The variety should help the region overcome the loss of perhaps its most prominent locally-headquartered bank, WestLB....
...WestLB has been shut down while BayernLB only reached a restructuring deal in July....
...One Landesbank, WestLB, was forced from the market in the crisis but Moody’s says Germany remains “overbanked, fragmented and fiercely competitive”....
...TPG, the US private equity group, is looking to make its first investment in UK real estate by taking control of a prime City building occupied by WestLB, the German bank....
...Wells Fargo, the largest US bank by market capitalisation, has agreed to acquire a $6bn loan portfolio from WestLB, the troubled German bank....
...The company recently snapped up a $6bn loan portfolio from WestLB, the troubled German Landesbank, as well as the North American energy business of France’s BNP....
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