Many people hoped that Germany’s Landesbanken would simply wither away when they lost their state guarantee next year. That always looked like wishful thinking.
Now the country’s biggest regional wholesale lender has kicked off its survival strategy in earnest. WestLB, one of the most troubled Landesbanken, last month announced plans to raise e1.5 billion to prepare for the post-guarantee world. So much for withering away.
WestLB matters not only because of its size. It is also a role model for the whole sector.
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