Westdeutsche ready for London boost
Friday 18 August 1995
Westdeutsche Landesbank, which is preparing to bolster its investment banking activities in London, yesterday reported an increase in first- half operating profit to DM1bn (pounds 442m) before risk provisions compared with DM944m, half of last year's total
A number of German banks traditionally compare first-half results with half the total of the previous year's results.
WestLB, a state-owned bank which is the third largest in Germany and has embarked on an aggressive strategy of expansion at home and abroad, said interim operating profit after risk provisions reached DM472m, compared with DM396m. Friedel Neuber, WestLB's chairman, said: "We can be satisfied with our results, because we have stabilised our earnings at a good level and have fully taken into account all recognisable risks in the half-year results."
WestLB, which has a strong position in Third World debt, is finalising plans for developing its investment banking operation in the City, West Merchant Bank. This will involve hiring several hundred people, notably as it builds up a securities presence. WestLB did look at Smith New Court during the recent takeover competition for the leading City broker, eventually clinched by Merrill Lynch of the US.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...