Stuttgart – LBBW is set to take over handling of interest rate, currency and commodity management activities for corporate clients of Germany’s Sparkassen savings banks from BayernLB. The change is likely to take effect from 1 January 2021. Interest rate, currency and commodity management provides the savings banks’ corporate clients with appropriate instruments for hedging against volatility in the international capital markets.
A CMS team headed by lead partner Dr Rolf Hempel and Peter Giese advised BayernLB and LBBW on all competition law aspects of merger control around this transaction. The team also represented the two banks before the German Federal Cartel Office.
Bayerische Landesbank (BayernLB) is a public law institution with its headquarters in Munich. As a Landesbank (federal state bank), it is the principal bank of the Federal State of Bavaria and the top-level institution for Bavarian savings banks. BayernLB had total assets of around EUR 222 billion in 2019.
Landesbank Baden-Württemberg (LBBW) is a mid-sized universal bank with head offices in Stuttgart, Mainz, Karlsruhe and Mannheim and some 10,000 employees. LBBW’s total assets amounted to some EUR 257 billion in 2019.
Dr Rolf Hempel, Partner
Peter Giese, Counsel, both Competition & EU