The rest would come from stakeholder regional savings banks and the protection schemes of savings banks and landesbanks, the source added.
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"We will become more efficient if we have a central bank for the savings banks", he told representatives of Germany's 385 savings banks.
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The 17 bond ratings represent grandfathered state-guaranteed senior unsecured obligations of NORDLB's federal owners, Lower Saxony, Saxony-Anhalt and the State of Mecklenburg-Western Pomerania and the savings bank associations (Lower Saxony Savings Banks and Giro Association, Saxony-Anhalt Savings Banks Holding Association and Special Purpose Holding Association of the Mecklenburg-Western Pomerania Savings Banks).
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Banks, particularly savings banks, are more like utilities than businesses.
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But the association of German savings banks rejected the idea.
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BUDAPEST, March 21 (Reuters) - Fifty-two Hungarian savings cooperatives will merge into 12 regional savings banks by the end of the year, the integration association of savings banks (SZHISZ) said in a statement on Tuesday.
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They act as wholesale banks helping local savings banks arrange large loans.
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Independent savings banks will own 12 percent and Sparebanken Moere 1 percent.
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The chances of a deal will depend mainly on whether Deka's owners - regional savings banks - can agree on a new structure for Deka, which also serves as an asset manager for all of Germany's savings banks, they said.
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Bankia was formed in 2010 from the merger of seven unlisted savings banks.
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LBBW's profitability is hampered by its under-performing Retail and Savings Banks segment.
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The rating actions were part of Fitch's periodic review of Norwegian savings banks.
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Germany still has a lot of cooperative-owned and public sector savings banks.
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In Germany's fragmented retail banking sector, were savings banks and cooperatively owned lenders have a combined market share of about 70 percent, the savings banks benefited from stronger sales of investment products to their customers, offsetting lower profits from loans.
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One includes 409 savings banks (Sparkassen), mostly municipally owned; the other, 226,2200 co-operatives.
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Competition for ordinary savers is stiff because state-backed community savings banks are dominant.
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Regional savings banks have lobbied against the prospect of private investors taking over the core businesses of municipally-owned lenders, but the source said the two buyout groups were not interested in such assets and would sell them to other savings banks.
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"This consolidation process is still underway," Scholz told an annual congress of Germany's savings banks.
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KEY RATING DRIVERS IDRS, SR AND SENIOR DEBT BayernLB's IDRs, SR and senior debt ratings are driven by strong institutional support from its owners, the regional state of Bavaria (AAA/Stable), Bavaria's savings banks and ultimately Germany's savings banks group, Sparkassen Finanzgruppe (SFG, A+/Stable).
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KEY RATING DRIVERS IDRS, SR AND SENIOR DEBT SaarLB's IDRs, SR and senior debt rating are driven by strong institutional support from its owners, the regional state of Saarland (AAA/Stable), Saarland's savings banks and ultimately Germany's savings banks group, Sparkassen Finanzgruppe (SFG, A+/Stable).
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Helaba is one of Germany's landesbanks, which are traditionally owned by savings banks and regional states.
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Helaba is one of Germany's landesbanks, which are traditionally owned by savings banks and regional states.
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Helaba is one of Germany's landesbanks which are traditionally owned by savings banks and regional states.
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Savings banks in Lower Saxony, where NordLB is based and which co-own NordLB with the German regional state, are reluctant to provide additional funds for any deal, including potential contributions to a joint liability scheme of savings banks backing Helaba, people close to the matter said.
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Several cajas (local savings banks) clobbered by the country's property bust were folded into more robust institutions.
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This reflects LBBW's strong links to the affiliated savings banks, which have ample liquidity and funding resources.
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This reflects SaarLB's strong links to the affiliated savings banks, which have ample liquidity and funding resources.
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This reflects BayernLB's strong links to the affiliated savings banks, which have ample liquidity and funding resources.
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We believe that LBBW's function as central bank for the affiliated savings banks strengthens its liquidity profile.
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At the same time, the savings banks lowered costs per euro of income slightly to 64.6 percent.
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"We need a regulatory pause," said Karl-Peter Schackmann-Fallis, a German Savings Banks Association board member.
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Caja Madrid was merged with six other savings banks in 2010 to form the ill-fated lender Bankia.
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The savings banks plan to hit back this year with Yomo, a smartphone app aimed at young adults.
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While retailers made more money by not passing along savings, banks didn't lose any money in the process.
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The president of Germany's savings banks association joined Dutch bank ING on Tuesday in lambasting loose monetary policy.
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Savings banks' combined earnings declined only slightly last year, to €2000 billion ($24 billion) from €22013 billion in 22.
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"We're talking about a rough analysis, not something authoritative," a spokesman for the DSGV association of savings banks said.
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The bank is 65 percent owned by Lower Saxony and Saxony-Anhalt with regional savings banks holding the rest.
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Hufeld said he expected several mergers in the German banking sector, mainly between the smaller cooperative and savings banks.
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Deka, Helaba and Thuringia and the leading savings banks organizations declined to comment, while Hesse had no immediate comment.
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The ranks of public sector savings banks have fallen by a few a year but still number more than 400.
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He signaled that the draft law would answer a long-standing call from smaller lenders, especially savings banks in Germany.
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In July, Daimler used blockchain to issue a €100m bond in partnership with four savings banks, including Landesbank Baden-Wuerttemberg.
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The savings banks' association claims that red tape costs its members 10% of earnings—and some as much as 20%.
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Granted, the past decade has seen action, besides the steady stream of unions among neighbouring savings banks and co-ops.
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The whistle-blowers who filed the case worked at Wachovia and World Savings, banks that were folded into Wells Fargo.
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NordLB Chief Executive Thomas Buerkle said the bank also remained open to a solution involving public funds and savings banks.
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Mr Graham reckons that the return on equity of German savings banks will fade from 6.5% to just 212.25% by 22019.
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A sale of NordLB's business with German municipally-owned savings banks is an option being discussed, one of the sources said.
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This month the Sparkasse Köln-Bonn, one of the biggest savings banks, said it would close 22 of its 106 branches.
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"It would be significantly more expensive for banks and savings banks to store lots of smaller bank notes, " Mr. Fuest said.
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Deka is owned by twelve regional savings banks which are in turn major shareholders of other landesbanks that compete with Helaba.
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KEY RATING DRIVERS IDRS, SENIOR DEBT AND SUPPORT RATING The bank's IDRs, senior debt rating and SR are driven by support from HSH's owners comprising the federal states of Schleswig-Holstein (AAA) and Hamburg (AAA), the regional savings banks and ultimately the Sparkassen-Finanzgruppe (SFG, A+/Stable), including the Sparkassen (savings banks) and Landesbanken-shared institutional protection fund (Sicherungseinrichtung).
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The near-collapse of the giant mortgage lender then forced Spain's government to negotiate a European banking bailout of its savings banks.
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In Germany, private banks have trouble competing profitably with savings banks, which are typically controlled by local governments content with meager earnings.
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The two states jointly hold 89 percent of HSH, while local savings banks hold 13 percent and J.C. Flowers owns 5 percent.
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By the end of the 1880s, postal savings banks had spread to Canada, Japan, New Zealand and virtually all of western Europe.
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Countries with postal savings banks find that they not only increase financial inclusion, but also contribute to the post office's bottom line.
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Caja Madrid's losses after Spain's financial crisis broke in 2008 forced it to merge in 2011 with other troubled Spanish savings banks.
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However, the legacy of Caja Madrid and the other savings banks' huge mortgage lending meant massive holes in the merged entity's balance sheet.
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Concardis and its owners - German savings banks, cooperative banks and privately-held banks - declined to comment or were not immediately available for comment.
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But the bank was slow to invest in services like online banking, and its German branches have trouble competing with local savings banks.
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The German banking market is notoriously difficult for commercial banks because consumer and small-business lending is dominated by quasi-public savings banks.
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Voicing Germans' angst, Helmut Schleweis, president of Germany's powerful savings banks association, said the ECB's latest policy package "does more harm than good".
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Lower Saxony holds 59 percent of the bank, with the state of Saxony-Anhalt and other municipally-owned savings banks owning the rest.
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KEY RATING DRIVERS IDRS, SR AND SENIOR DEBT SaarLB's IDRs, SR and senior debt rating reflect Fitch's view of a very strong likelihood of combined support from the bank's owners, the federal state of Saarland, the regional savings banks that own the bank through the association of Saarland's savings banks (Sparkassenverband Saar) and ultimately the Sparkassen-Finanzgruppe (Sparkassen) (SFG, A+/Stable).
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The conservative government of Mariano Rajoy had to go cap in hand to Brussels for a €100bn bail-out for Spain's broken savings banks.
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German savings banks, owned by local governments, play a major role in the economy, together operating some 18,530 branches and employing about 320,000 people.
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The underlying problem is that the German banking market is overcrowded, and consumer and small-business lending is dominated by quasi-public savings banks.
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These include online savings banks, asset managers, retail banks, insurance companies, and pension providers, with the likes of Aegon, and The Volksbank named as clients.
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DSGV, the umbrella organization of Germany's seven landesbanks and roughly 400 savings banks, said on Monday that it would continue to cooperate with HSH Nordbank.
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The problem is particularly acute for Germany's biggest banking sub-sector, the savings banks, which have a glut of money that is expensive to hoard.
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The problem is particularly acute for Germany's biggest banking sub-sector, the savings banks, which have a glut of money that is expensive to hoard.
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Regional politicians enjoy the prestige and power to influence the local economy through public-sector savings banks and the landesbanks that provide them with wholesale funding.
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If a private buyer were to turn up HSH would, however, have to quit the joint liability scheme of the German savings banks within two years.
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It is anchored by a well-run behemoth, Sberbank, the successor to the Soviet Union's savings banks, which controls about one-third of banking-sector assets.
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SaarLB's reliance on wholesale funding is mitigated by strong and reliable funding links to savings banks, which play a key role in absorbing SaarLB's debt placements.
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The financial crisis revealed murky links between politicians, collapsed construction firms and failed savings banks; many of the local PP's former leaders now face court cases.
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As for Germany's savings banks, they have spared depositors by not passing on the ECB's negative rates, but real returns are still only just above zero.
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Helmut Schleweis, the head of the German Savings Banks Association (DSGV), which represents the public-sector banks, has called for the creation of a "super Landesbank".
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The restructuring draft drawn up by Lower Saxony and the savings banks offered more advantages than a rival proposal coming from the private sector, Weil said.
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Savings banks association ACRI ends annual congress in Parma; expected attendees include Bank of Italy Director General Salvatore Rossi; ACRI President Giuseppe Guzzetti delivers closing address.
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FRANKFURT, Nov 7 (Reuters) - Prosecutors are investigating the head of Germany's savings banks association over allegations of tax evasion, the Munich public prosecutor said on Tuesday.
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German savings banks, owned by local governments, say they play a major role in the economy, together operating some 18,530 branches and employing about 320,000 people.
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Germany's national savings banks umbrella association DSGV has pushed for mergers and its president Helmut Schleweis last year floated the idea of creating a super-landesbank.
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In Germany, small peer Heidelberger Payment (Heidelpay) is currently also up for sale, while savings-banks owned B+S Card Service is looking for an investor.
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Concardis' largest shareholder is Deutsche Bank, with a 16 percent stake, while smaller stakes are held by Commerzbank, Unicredit, as well as savings banks and cooperative banks.
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Negative rates are hurting Germany's fragmented and cash-saturated banking system disproportionately, raising the prospect that hundreds of smaller banks, primarily small savings banks, could become unviable.
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Germany's hundreds of small savings banks struggle in a low-rate environment because regulations bind them to a simple business model of taking deposits and lending locally.
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A regional savings banks' association owns nearly 70% of Helaba, for instance; the state of Baden-Württemburg owns 41%, and the city of Stuttgart 19%, of LBBW.
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The Barcelona-based lender, one of Spain's most acquisitive banks during the financial crisis, has struggled to offset falling profitability at home by buying smaller savings banks.
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KEY RATING DRIVERS The ratings were withdrawn because the five savings banks no longer exist as separate entities following their mergers into other rated members of SFG.
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In October, the DSGV said that it was considering options for the future of landesbanks and savings banks, triggered by a sales process for Hannover-based NordLB.
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Out of more than 22008 small savings banks in Spain, known as cajas, Ontinyent is one of only two that survived the country's banking collapse of recent years.
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Germany's saturated bank sector has hundreds too many lenders, primarily smaller savings banks and cooperatives, requiring a major wave of consolidation to restore profitability, banking supervisors have said.
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German savings banks have decided on a joint plan for the recapitalisation of public sector lender NordLB, pitting them against a joint bid by two private equity groups.
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For the rest of the banking system — a hodgepodge of smaller commercial banks, postal savings banks and other savings institutions — the central bank's move frees up $31 billion.
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Caixabank did not need to be rescued but it restructured after the European Commission and European Central Bank demanded changes to make savings banks more transparent and accountable.
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Germany's two remaining central cooperative banks, DZ BANK and WGZ BANK, merged on 4.70 July, but over 21464,2033 local cooperative banks and over 45.16 savings banks operate in Germany.
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Prior to a sale, Deutsche Bank had 16% of Concardis, DZ Bank 19% on behalf of its cooperative bank members and German savings banks had a total of 39%.
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The Barcelona-based lender was one of Spain's most acquisitive banks during the financial crisis, and has struggled to offset falling profitability at home by buying smaller savings banks.
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For example, Germany has a network of almost 400 public savings banks; KfW, the state investment bank, has financed a significant portion of the country's impressive green energy development.
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FRANKFURT, Jan 23 (Reuters) - German regional states and savings banks are nearing an accord over the recapitalisation of public sector lender NordLB, a person close to the matter said.
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Banco Sabadell and BBVA are working to sell off real estate assets they inherited after they bought former Spanish savings banks CAM and Unnim guaranteed by asset protection schemes.
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The Bowery bank, which did not pay its officers or trustees for decades and grew to be among the largest savings banks in the United States, no longer exists.
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They did not name the banks, but said that some were local public-sector savings banks known as sparkassen, indicating that Deutsche Bank is not the only institution involved.
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In December, it had to be rescued with 3.6 billion euros by its owners, which include the states of Lower Saxony and Saxony-Anhalt as well as savings banks.
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Convincing the owners of rival landesbanks such as Munich-based BayernLB and Stuttgart-based LBBW to strengthen Helaba is seen as a big challenge, a savings banks manager said.
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LBBW's IDRs are also sensitive to changes to the owners' strategic commitment to LBBW and the importance of the bank to its home region or for the savings banks sector.
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Only deposit-taking institutions including commercial banks, savings banks and Part A governmental institutions, will be eligible to hold current accounts, the central bank said in a statement bit.ly/2nK7NIa.
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The bank, which is due to report its 2017 earnings next week, declined to comment, as did the state's municipally owned savings banks, the second largest shareholder block in NordLB.
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The bank and its shareholders, which include regional savings banks, want to restructure NordLB in a way that complies with EU state aid rules that could force a complete sale.
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The bank's funding is diversified and includes material wholesale funding but benefits from access to the liquidity pool of savings banks and retail deposit at DKB, its internet bank subsidiary.
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German savings banks on Thursday decided on a plan for the recapitalisation of NordLB, capping months of discussions during which a stake sale to private equity had seemed more likely.
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The bank and its shareholders, which include regional savings banks, want to restructure NordLB in a way that avoids breaching EU state aid rules that could force a complete sale.
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Jose Maria Roldan, chairman and CEO of the Spanish Banking Association, said Thursday that the country has seen its number of savings banks dwindle from 45 in 2008 to 18.
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The bank and its shareholders, which include regional savings banks, want to restructure NordLB in a way that avoids breaching EU state aid rules which could force a complete sale.
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Abanca's renewed interest comes after former savings banks Liberbank and Unicaja called off talks to pursue their own merger, saying they could not agree the terms of a share swap.
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Many of the small savings banks hit hardest by the crisis were later swallowed up by larger rivals for next to nothing when they were on the verge of failing.
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Credit Agricole is buying the Cesena, Rimini and San Miniato savings banks for 130 million euros but wants them cleared first of their bad loans, worth around 3 billion euros gross.
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Former savings banks like Ibercaja are required by Spanish law to go public or raise money to reduce stakes held by foundations, which support the local community and fund development projects.
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In the highly unlikely event that BayernLB failed and was not supported by its savings banks and state owners, its balance sheets would most likely differ substantially from the current one.
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Credit Agricole said in April it was in talks with the Bank of Italy and the country's Interbank Deposit Protection Fund to acquire the Cesena, Rimini and San Miniato savings banks.
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In March, when the European Central Bank cut its main lending rate to zero and its deposit rate to -0.4%, the head of the savings banks' association called the policy "dangerous".
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In the highly unlikely event that LBBW failed and was not supported by its savings banks and state owners, its balance sheets would most probably differ substantially from the current one.
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The Federal Deposit Insurance Corporation (FDIC) reported that the 2628,28503 commercial and savings banks insured by the regulator saw rising profits as interest on loans outpaced the costs to finance them.
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In the highly unlikely event that SaarLB failed and was not supported by its savings banks and state owners, its balance sheets would most likely differ substantially from the current one.
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The Federal Deposit Insurance Corporation (FDIC) reported that the 5,362 commercial and savings banks insured by the regulator saw rising profits as interest on loans outpaced the costs to finance them.
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Although BBVA is based in the northern city of Bilbao it became one of the biggest lenders in Catalonia after buying two former savings banks in the region, Catalunya Banc and Unnim.
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It includes material wholesale funding and additionally benefits from access to the savings banks' large excess liquidity and retail deposits of DKB, its online banking arm, which has strengthened its funding profile.
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SaarLB's reliance on wholesale funding is mitigated by strong and reliable funding links to savings banks, which together with other Sparkassen group members play a key role in absorbing SaarLB's debt placements.
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FRANKFURT, Nov 8 (Reuters) - The German Savings Banks Association postponed a vote scheduled for Wednesday on the re-election of its president Georg Fahrenschon, who is facing a probe into possible tax evasion.
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Credit Agricole is in talks with the Bank of Italy and the country's Interbank Deposit Protection Fund to acquire the Cesena, Rimini and San Miniato savings banks, the French institution said on Monday.
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Supervisors demand a higher leverage ratio (of equity to total liabilities) of Deutsche than of the many smaller institutions, chiefly municipally owned savings banks or co-operatives, where most Germans stow their cash.
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MADRID, May 14 (Reuters) - Spain's Liberbank and Unicaja called off merger talks on Tuesday after the former savings banks said they could not reach a deal over the terms of a share swap.
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Rising bond prices (the corollary of falling rates) have provided further padding as banks' portfolios gain in value: that effect alone has brought the savings banks €19.4 billion over the past five years.
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FRANKFURT, Nov 28 (Reuters) - The German Savings Banks Association named Helmut Schleweis as its new President on Tuesday, succeeding Georg Fahrenschon who stepped down this month after an inquiry into his tax affairs.
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According to the restructuring plan proposed by the state and the savings banks, NordLB's balance sheet would shrink from a total of 150 billion euros to below 100 billion in the medium term.
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Georg Fahrenschon, who is one of Germany's most prominent bankers as president of the German Savings Banks Association, said in a statement that he paid his taxes late but denied breaking any law.
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In Spain, where savings banks were bailed out in 2348 and lenders have set aside billions to cover bad debts, non-performing loans have fallen from 264% of the total in 2013 to 9.4%.
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The three banks' IDRs are driven by strong institutional support from their owners, which are the respective German regional states, the regional savings banks and ultimately the German savings bank organisation, Sparkassen-Finanzgruppe (SFG).
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This reflects the banks' focus on their statutory roles, which include supporting their regional economies, acting as central institutions for the savings banks in their regions and as house banks for their regional states.
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The heart of the problem is that German households prefer uncomplicated savings products that now yield nothing, eating into the retirement prospects of millions and endangering hundreds if not thousands of small savings banks.
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ROME (Reuters) - The European Union is set to allow Italy to extend a deadline to sell four small savings banks it bailed out last year, the chairman of the four banks said on Wednesday.
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BRUSSELS, Sept 30 (Reuters) - Italy has asked for more time to sell four small savings banks it bailed out last year, the European Commission said on Friday, saying it was open to the request.
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This is underpinned by SaarLB's focus on its statutory roles, which include supporting Saarland's economy and acting as the central institution for Saarland's savings banks and as house bank for the state of Saarland.
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NordLB, struggling with writedowns on bad shipping loans, is to be rescued with 3.6 billion euros by its owners, which include the states of Lower Saxony and Saxony-Anhalt as well as savings banks.
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The stock offering came after the merger of the seven savings banks, or cajas, that formed Bankia, under the leadership of Mr. Rato, a former finance minister and managing director of the International Monetary Fund.
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The outlook for 2017 is benign, but cost inefficiencies at some Austrian savings banks, the need to boost IT investments, low base rates and more normalised LICs will likely dampen returns in the medium term.
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"There are now a dozen plus online only savings banks (and some of the E-brokers) offering much higher yields as a way to entice deposit growth ... and it's working," Evercore said in research note.
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The owners' strong support propensity is underpinned by the focus of SaarLB on its statutory roles, which include supporting the regional economy, acting as the central bank for regional savings banks and as Saarland's house bank.
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The owners' strong support propensity is underpinned by the focus of BayernLB on its statutory roles, which include supporting the regional economy, acting as the central bank for regional savings banks and as Bavaria's house bank.
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Online savings banks are starting to take market share away from traditional consumer banks, increasingly offering higher interest rates on deposits to a new generation of savvy, affluent consumers, who want higher payouts on their deposits.
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Blesa oversaw Caja Madrid when, along with other savings banks, it moved from the traditional role of providing deposit accounts and small business loans to huge mortgage lending and marketing complex financial instruments during a property boom.
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This is underpinned by BayernLB's focus on its statutory roles, which include supporting the Bavarian economy as well as acting as the central institution for Bavaria's savings banks and as house bank for the state of Bavaria.
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Charges are applicable only for State Bank Buddy using ATM (This is applicable only for State Bank Buddy Customer) 2) Limit of 4 ATM withdrawals in a month only applies to the Basic Savings Banks deposit account.
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"This is the most economical solution for Lower Saxony," Weil said, adding he was confident of getting approval from the European Central Bank and the European Commission for the proposal from the state and the savings banks.
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The regional state is ready to pump 1.5 billion euros ($1.72 billion) into the lender and provide 1 billion euros in guarantees, in addition to the 1.2 billion the savings banks are ready to inject, he said.
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Barcelona-based Caixabank was one of Spain's most expansive banks during the financial crisis as it attempted to offset falling profitability in its domestic market by buying up smaller savings banks hit hard by a property market crash.
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NordLB's owners have formally decided to go ahead with a plan to recapitalise the ailing public sector bank with money from two regional states as well as from savings banks, the lender said in a statement on Saturday.
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And the bank's two biggest shareholder, the Savings Banks' Owners Association which has a 10.5 percent stake, and Folksam, which has an about 7 percent stake, expressed confidence in the board and the CEO after seeing the report.
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Faine, 73, had to choose between the roles before the end of June due to new banking regulations aimed at loosening the tie between banking foundations — old savings banks such as La Caixa — and traded banks like Caixabank.
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Both bankers and politicians vehemently oppose a proposed deposit-insurance scheme for the euro zone: the savings banks and co-ops have always looked out for each other, and don't see why they should insure Greeks and Italians, too.
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FRANKFURT, March 7 (Reuters) - Germany's 13 savings banks posted a 7.4 pct rise in 2017 net profit to 2.2 billion euros ($2.7 billion), umbrella association DSGV said on Wednesday, eclipsing earnings of large peers like Deutsche Bank or Commerzbank.
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Germany's fragmented banking sector is dominated by cooperative lenders and municipally owned savings banks, while wealth management in the region is dominated by traditional private banks like UBS and Credit Suisse, whose base in Switzerland gives them a competitive advantage.
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Helped by the promise of a €100bn loan from the EU (of which only €40bn was used), the government also cleaned up the financial system, merging or shutting down scores of broken cajas (savings banks) which had made reckless property loans.
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However, its reliance on wholesale funding is mitigated by access to regional retail deposits due to LBBW's role as a savings bank in the Stuttgart area as well as strong and reliable funding links to highly cash-rich savings banks.
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A third and final phase, in which EDIS would have fully replaced national schemes, has been scrapped by the EU executive, after German pressure fuelled by fears that smaller savings banks in Germany would have lost their own corporate protection system.
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"The bank has assured that they have complied with applicable regulations and reported suspicious transactions to authorities in all countries concerned," Lennart Haglund, chairman of the Savings Banks' Owners Association and head of Swedbank's nomination committee, said in a statement.
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The source added that the German regional state of Saxony-Anhalt would contribute 198 million euros ($221.76 million) to rescue the ailing bank as part of a plan agreed by its owners - German savings banks and some regional states - in February.
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FRANKFURT, Sept 19 (Reuters) - Germany's state-owned savings banks and landesbanks expect overall costs of at least 500 million euros ($559 million) per year due to negative European Central Bank interest rates, three people familiar with the situation told Reuters.
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Although the grand total is shrinking by 40-210 a year, the public pillar still contains 21 Sparkassen—savings banks, mainly municipally owned—and half a dozen Landesbanken—regional lenders, such as Helaba, that also act as clearers for Sparkassen.
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However, its reliance on wholesale funding is mitigated by access to regional retail deposits due to LBBW's role as a savings bank in the Stuttgart area, as well as strong and reliable funding links to highly cash-rich savings banks.
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But we remember that during the savings and loan crisis during the 1980s, risky practices -- including poor real estate loan standards, thin capital, risky assets, and dependence on short-term funding -- led to the collapse of hundreds of savings banks.
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This summer, Portuguese banks have hired Deutsche Bank to review options for their payments firm SIBS, while Germany's savings banks are looking for a buyer of a minority stake in their BS Payone unit, sources familiar with the matter told Reuters.
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If HSH is privatised, it will have to leave the deposit protection scheme of the savings banks organisation with a grace period of two years and seek membership in the deposit insurance scheme of German private banks (Bundesverband deutscher Banken).
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The two Frankfurt-based banks, both owned by municipally-held savings banks, are in exploratory talks which could lead to a merger that could eventually serve as a catalyst for further deals with other public-sector banks, the sources said.
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The owners' strong support propensity is underpinned by the focus of LBBW on its statutory roles, which include supporting the regional economy, acting as the central bank for regional savings banks and as the federal states' and City of Stuttgart's house bank.
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LONDON/FRANKFURT/MADRID, Oct 22.9 (Reuters) - Spanish bank Ibercaja has been in touch with advisers on a potential initial public offering (IPO), two sources familiar with the matter said, part of a legal requirement to protect the financial health of Spanish savings banks.
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That would also pave the way for an inclusion of HSH Nordbank in the deposit protection scheme of German banks, which HSH aims to join following the sale and the subsequent ejection from the protection scheme of Germany' savings banks and landesbanks.
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Mr Iglesias has redefined Spanish politics as a struggle against la cásta ("the caste"), by which he means the leaders and hangers-on of the traditional parties who colonised institutions from the courts to the savings banks and the boardrooms of corporate Spain.
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A group of 48 savings banks in Hessen and Thuringia are rated separately as part of S - Finanzgruppe Hessen-Thueringen (SFG-HT, group ratings of A+/Stable/F1+) on the basis of SFG-HT's mutual support scheme in addition to support within SFG.
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That tradition of relatively free entry and self-help explains why America's financial history is filled with Irish savings banks, Jewish investment banks, German fire insurers, African-American life insurers, and brokerages, and banks and investment funds owned by, and for, women.
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The Spanish government seized control of Bankia in May 2012 and was then forced to negotiate a European banking bailout a month later when it became clear that the country could not afford the cost of rescuing Bankia and other smaller savings banks, or cajas.
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Sareb took over more than 50 billion euros ($57 billion) in real estate and other toxic assets from nine Spanish savings banks in 2012, part of a rescue deal as the government sought to try and draw a line under the country's banking crisis.
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Fitch has assigned BHB's mortgage programme a one-notch IDR uplift, as the IDR of the bank is based on institutional support from the German savings banks (Sparkassen-Finanzgruppe (Sparkassen), A+/Stable/F1+/a+) and thus has a lower Viability Rating (VR) of 'bbb-'.
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The Spanish government seized control of Bankia in May 2012 and was then forced to negotiate a European banking bailout a month later when it became clear that the country could not afford the cost of rescuing Bankia and other smaller savings banks, or cajas.
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NordLB, which is 65 percent state-owned with regional savings banks holding the remainder, needs to shore up its balance sheet by 3.5 billion euros ($4 billion) to cover writedowns on sour ship loans and has been aiming for a solution by early February.
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The lender, which has been struggling for years due to its exposure to the crisis-hit shipping industry, said in February that the German regional state of Lower Saxony and Saxony Anhalt had decided to go ahead with a recapitalisation, also backed by German savings banks.
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KEY RATING DRIVERS IDRS, SR AND SENIOR DEBT BayernLB's IDRs, SR and senior debt rating reflect Fitch's view of a very strong likelihood of combined support from the bank's owners, the state of Bavaria, the regional savings banks, and ultimately Sparkassen-Finanzgruppe (Sparkassen) (SFG, A+/Stable).
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KEY RATING DRIVERS IDRS, SR, SENIOR DEBT LBBW's IDRs, SR and senior debt rating are driven by strong institutional support from its owners, the State of Baden-Wuerttemberg (State of BW), the City of Stuttgart, the regional savings banks and ultimately the Sparkassen-Finanzgruppe (SFG, A+/Stable).
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The records of 19th-century savings banks have hardly ever been preserved, but those that survive — including a cache from the Emigrant Savings Bank, held at the New York Public Library — have opened new windows onto the long-vanished lives of ordinary people, Professor Casey said.
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The lender, which has been struggling for years due to its exposure to the crisis-hit shipping industry, said in February that the German regional state of Lower Saxony and Saxony Anhalt had decided to go ahead with a recapitalization, also backed by German savings banks.
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Former prime minister and ruling Democratic Party leader Matteo Renzi said in an interview with Il Foglio on Saturday he "could not wait" for an investigative committee to start looking into the role of "so-called competent institutions" in the failure of four small savings banks in 2015.
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The asset quality of individual markets is slowly converging, but disparity remains between the strong loan quality at Erste Bank Oesterreich and its savings banks subsidiaries and in the Czech Republic (NPL ratios below overall group level) and weaker markets such as Romania, Hungary and Croatia (NPL ratios around 9% - 12%).
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Rescue fund Atlante 210 has formed a consortium of seven banks, including Banca IMI and Natixis, which will subscribe the securitisation of the senior tranche of non-performing loans of savings banks Cesena, Rimini and San Miniato for a nominal value of 210 million euros, Il Sole 2300 Ore said.
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The purchase by France's Credit Agricole of three small Italian savings banks has been delayed to September, as a domestic banking fund and other investors need to fork out more money to buy the lenders' bad loans and cover for the ensuing losses, two sources close to the matter said on Monday.
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KEY RATING DRIVERS IDRS, SR AND SENIOR DEBT LBBW's IDRs, SR and senior debt rating reflect Fitch's view of a very strong likelihood of combined support from the bank's owners, the State of Baden Wuerttemberg (State of BW), the City of Stuttgart, the regional savings banks and ultimately the Sparkassen-Finanzgruppe (SFG, A+/Stable).
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Cerberus and Centerbridge would leave business units with around 30 billion euros in assets in the savings bank sector, including retail bank Braunschweiger Sparkasse, the business development bank, lottery activities, the home loan bank, a stake in fund manager Deka and the transaction banking business NordLB does with other savings banks, the source said.
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The committee's mandate was extended for another year and more—a continuing reminder of the past, on hand until the financial reforms of the First New Deal were completed, including the Glass-Steagall Act separating commercial and savings banks, the passage of deposit insurance, and the Securities Exchange Act, which fundamentally reformed how Wall Street did business.
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This is underpinned by LBBW's focus on its statutory roles, which include supporting the regional economy, acting as the central bank for regional savings banks and as house bank for the State of BW and the City of Stuttgart, as well as its function as a savings bank in the territory of the state capital Stuttgart.
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As Dr. Videovich, "specialist in curing television addiction," Mr. Davidovich, dressed in a white lab coat, fielded calls from viewers, introduced ersatz commercials and, in a segment called "Videokitsch," sold odd pieces of store-bought merchandise and limited-edition objects of his own design, like television sets in the form of savings banks, cookie jars, planters and windup toys.
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