Home News HVB CEO: Have made offer for German SEB activities

HVB CEO: Have made offer for German SEB activities

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FRANKFURT (Dow Jones) – to the Italian bank UniCredit HVB has owned in the words of Theodor Weimer CEO "A binding offer for the German SEB-made activities. "Thus, he confirmed on Wednesday as part a conference call statements of UniCredit CEO Alessandro Profumo. It had said in late April, an offer for sale Germany-related activities of the Swedish bank SEB want to submit.
In addition to its German subsidiary UniCredit and HVB is also The Spanish bank Santander in the bidding race.
For further details, such as the time frame of the possible Transaction declined to comment on HVB’s CEO on Wednesday. He but admitted that the retail business in Germany hard fought and the margins are low. HVB is, according to Weimer, however strongly customers held by the SEB interested. At present, wrap the HVB the business of three million customers on its platform off, with the acquisition of additional customers hardly costs would be incurred.
Furthermore, the SEB in Germany particularly strong in the west and the middle represented. It is here that there is need for the expansion of HVB. It should also be the Retail business is a relatively stable income achieved. There would also be Customer deposits to strengthen the lending capacity of a bank.

   

Website: www.hypovereinsbank.de

By Henning-Eyk, Dow Jones Newswires, +49 (0) 69 29 725 108
eyk.henning @ dowjones.com
DJG / EYH / brb
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(END) Dow Jones Newswires

May 12, 2010 04:07 ET (08:07 GMT)

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