W&W AG sells Wüstenrot Bank AG Pfandbriefbank to BKB
Ad hoc notification to the capital market in accordance with Article 17 of the EU Market Abuse Regulation
Wüstenrot & Württembergische AG (W&W) has agreed to sell its subsidiary Wüstenrot Bank AG Pfandbriefbank to Bremer Kreditbank AG (BKB). At the same time, the W&W Group has agreed with the bank under new ownership on an extensive sales collaboration, enabling the reciprocal sale of the financial products of both entities and the further strengthening of sales. The agreement was signed by the two parties today. Closing is expected to take place once the necessary regulatory approvals have been received. The parties have agreed to keep the purchase price confidential.
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 ownership structure of Wüstenrot Bausparkasse AG, which is affiliated with Wüstenrot Bank, will not be affected by the current transaction.
Stuttgart, 27 March 2018, 11:06 am