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21st October 2011

HSBC Trinkaus drops talks for WestLB units

HSBC Trinkaus & Burkhardt has ended its negotiations to buy parts of WestLB. The only explanation offered was that the units for sale did not offer a good fit. Some of the German media have offered their own conspiracy theory reasons.


Dietrich Voigtländer, Chairman of the Managing Board of WestLB, said: "The Managing Board regrets the withdrawal of HSBC Trinkaus & Burkhardt AG from the bidding process. A promising option for sustainably safeguarding our acknowledged expertise and a significant number of jobs - in particular in Düsseldorf - is therefore now no longer available. This is a bitter disappointment also for the Managing Board. We will proceed with the current sales process, even though the framework conditions for this obviously have not become easier."