Joint declaration by the owners on securing the future of Bremer Landesbank

Declaration by Chairman and Deputy Chairman of the Management Board of Bremer Landesbank

Bremen, 31 August 2016

Following intensive discussions, the owners of Bremer Landesbank (BLB), Norddeutsche Landesbank (NORD/LB), Freie Hansestadt Bremen (FHB) and Sparkassenverband Niedersachsen (Savings Banks Association in Lower Saxony, SVN) have agreed that BLB will become a wholly owned subsidiary of NORD/LB. FHB and SVN will sell their shares in BLB to NORD/LB, thus securing the future of BLB.

BLB will remain an active and valued member of the NORD/LB Group and as a bank will retain its own identity, name and image. The bank’s headquarters will still be in Bremen. One person will represent Bremen on the Supervisory Board. The Oldenburg site will be retained. Nothing will change at the interface to the customer. Internally Bremen will be exempted from the “Gewährträgerhaftung” (public guarantee under which the owners of savings banks are jointly and severally liable to the bank’s creditors). BLB’s funding will be split equally between Bremen and Lower Saxony.

Bremen will receive € 180 million as the purchase price as well as financial investments in the companies BLG, BREBAU and GEWOBA with a total value of € 82 million.

Declaration by Dr. Stephan-Andreas Kaulvers, Chairman of the Management Board of Bremer Landesbank, and Heinrich Engelken, Deputy Chairman of the Management Board of Bremer Landesbank:

“Against the background of the pending changes to the shareholder structure we realise that there also need to be changes to the personnel structure. We do not wish to stand in the way of this. As a consequence we have offered the Supervisory Board our resignation for the appropriate time.

The owners accepted this offer with regret and asked that we remain on board until our successors have been nominated and inducted.

The Supervisory Board will rule on changes to the Management Board in an extraordinary meeting to be held soon.”

On behalf of the owners of Bremer Landesbank, Mayor Karoline Linnert, Senator for Finance of the State of Bremen, Dr. Gunter Dunkel, Chairman of the Management Board of NORD/LB, and Thomas Mang, President of the Lower Saxony Association of Savings Banks, said: “We regret this step and have the utmost respect for this decision. It has been taken by full mutual agreement. We thank Dr. Kaulvers and Mr. Engelken for an extraordinarily positive and trust-based partnership.”

Jörg Walde, Chairman of the General Staff Council, said on behalf of the employees’ representatives on the Supervisory Board of Bremer Landesbank: “From my perspective there were no grounds for terminating the contracts. However, I respect this decision and I am thankful for the many years of open and trust-based collaboration.”

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