Saxony approves e300 million sale of SachsenLB to LBBW
The cabinet of the German state of Saxony approved the sale of Landesbank Sachsen Girozentrale, a public lender roiled by the global credit crunch, to Landesbank Baden-Wuerttemberg for 300 million euros ($410 million).
FRANKFURT: The cabinet of the German state of Saxony approved the sale of Landesbank Sachsen Girozentrale, a public lender roiled by the global credit crunch, to Landesbank Baden-Wuerttemberg for 300 million euros ($410 million).
LBBW, Germany's largest state-owned lender, will buy SachsenLB by the end of today, pending approval by the two banks' other shareholders, Stephan Goessl, a Dresden-based Saxony government spokesman, said in a phone interview. Saxony directly and indirectly owns about 51% of SachsenLB.
LBBW, Germany's largest state-owned lender, will buy SachsenLB by the end of today, pending approval by the two banks' other shareholders, Stephan Goessl, a Dresden-based Saxony government spokesman, said in a phone interview. Saxony directly and indirectly owns about 51% of SachsenLB.
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