Norton Rose Fulbright has advised German financial services group Wüstenrot & Württembergische AG (W&W) on the sale of its subsidiary Wüstenrot Bank AG Pfandbriefbank (Wüstenrot Bank) to Bremer Kreditbank AG (BKB). At the same time, a comprehensive sales cooperation agreement was signed with the bank under new ownership, whereby mutual financial products can be supplied and the sales force further increased. The transaction is subject to regulatory approvals.

W&W had previously owned 100 percent of the shares in Wüstenrot Bank and examined the future options for the institute in 2017 without preconceptions in order to open up new growth opportunities for it. The ownership structure of Wüstenrot Bausparkasse, the affiliated company of Wüstenrot Bank, remains unaffected by the transaction.

The Norton Rose Fulbright team advised W&W on corporate, distribution, capital markets, antitrust and competition, and labour law issues.

The Norton Rose Fulbright team in Munich was led by partner Eva-Maria Barbosa and included associate Stefanie Mösges, Dr Daniel Peppersack (all corporate), Dr Frank Bayer (tax) and Dr Cornelia Marquardt (employment) as well as partners Nils Rahlf and Dr Benedikt Gillessen, of counsel Oliver Polster (all corporate / capital markets, Frankfurt). Partner Dr Maxim Kleine and of counsel Dr Tim Schaper (antitrust and competition) of the Hamburg office also advised on the deal.

The in-house legal team at W&W included Dr Margret Obladen (lead management), Thilo Grutschnig (SPA), Roland Haidorfer, Norbert Beule (cooperations), Hans Ganter, Anette Müller (services), Roland Hoch, Gabriela Sternsdorff (labour law).