West German real estate servicing
|West German Real Estate Servicing AG|
|Board||Marcus Adler, Olesja Listau|
Westdeutsche ImmobilienBank was founded in 1995 as an institution under public law as a joint subsidiary of Westdeutsche Landesbank (WestLB) (50%), Südwestdeutsche Landesbank Girozentrale (SüdwestLB) (25%) and LRP Landesbank Rheinland-Pfalz (25%). In 2005 it became a wholly-owned subsidiary of WestLB for real estate financing. Since January 1, 2007, it has had the legal form of a stock corporation .
With a balance sheet total of 26.171 billion euros, the Westdeutsche-ImmobilienBank Group achieved pre-tax earnings of 121.2 million euros in 2008, the best result in its history.
The bank was also active in the private mortgage lending business in Germany, but withdrew from new business in early 2009 due to fierce competition.
As part of state aid proceedings for the parent company WestLB , the EU Commission issued the condition on May 12, 2009 that it had to sell its subsidiary WestImmo by 2011. In December 2011, sales negotiations between WestLB and the US financial investor Apollo Investment Corporation failed . In the course of the break-up of WestLB, WestImmo stopped new business on June 30, 2012 and was transferred to Erste Abwicklungsanstalt in August / September 2012 .
On May 20, 2014, Erste Abwicklungsanstalt announced the start of a new sales process for WestImmo-Bank. In order to increase the chances of selling, assets that do not fit the intended focus as a pure Pfandbrief bank were transferred to Erste Abwicklungsanstalt with retroactive effect from January 1, 2014 (so-called carve-out). On February 22, 2015, the EAA announced the sale to Aareal Bank . The transaction was completed with effect from May 31, 2015.
By way of a spin-off on June 30, 2017, Westdeutsche ImmobilienBank AG transferred its banking business and the associated loan and securities portfolios to Aareal Bank AG. In this context, it has changed its name and business purpose. It operates under the name Westdeutsche Immobilien Servicing AG and functions as a loan servicing company in the Aareal Bank Group.
- Board of Directors. In: westimmo.com. Retrieved August 15, 2020 .
- EAA: Contract for the sale of WestImmo signed ( Memento of February 23, 2015 in the Internet Archive ) EAA press release of February 22, 2015
- Westdeutsche ImmobilienBank AG Annual Report 2007 ( Memento from September 13, 2012 on WebCite ) (page 58 below)
- WestImmo Group figures 2008 ( Memento from September 13, 2012 on WebCite )
- Tough EU conditions for WestLB article in Handelsblatt.de of May 11, 2009
- Report to Dow Jones Germany ( Memento from September 13, 2012 on WebCite )
- Sale of Westdeutsche Immobilienbank ( Memento from February 19, 2015 in the Internet Archive ) EAA communication of May 20, 2014
- Aareal Bank completes acquisition of Westdeutsche ImmobilienBank AG ( Memento from June 15, 2015 in the Internet Archive ) Aareal Bank press release from June 1, 2015
- Aareal Bank: Aareal: WestImmo becomes a loan servicing company in the Aareal Bank Group. (No longer available online.) Archived from the original on December 4, 2017 ; Retrieved July 17, 2017 .