The sale of Wüstenrot Bank AG Pfandbriefbank to the Oldenburgische Landesbank (OLB) has been completed. Now that official approval has been granted, the bank will be transferred to the new owner with effect from June 1. At the same time, the cooperation agreement concluded by the W&W Group and OLB also comes into force. This covers ongoing sales collaboration, among other things.
W&W AG, which until now has held 100% of the shares of Wüstenrot Bank, had explored future options for the institution over the course of 2017, without any preconceived notions as to the outcome, in order to open up greater growth opportunities for it. The transaction will not affect the ownership structure of Wüstenrot Bausparkasse, which is affiliated with the Wüstenrot Bank.
With its purchase of the bank, the W&W Group is refining its business profile and continuing on its path for growth in its residential, insurance and brandpool divisions. The transfer of the mortgage lending business from the bank to the building society in 2017 marked the first step in this direction, after which activities in the residential division in particular, as well as with regard to the high demand for real estate, were readjusted. With new business amounting to around EUR 19 billion in home savings and loans, Wüstenrot is the clear number two in the market.