Landesbausparkassen Südwest and Bayern want to merge – economy

Major Financial Institutions

dpa, Bernd Kramer

The Landesbausparkassen (LBS) in the southwest and in Bavaria are to merge. LBS Südwest is managed by Stefan Siebert. He used to be a member of the board of the Sparkasse Freiburg-Nördlicher Breisgau.

The Landesbausparkassen in the southwest and in Bavaria are to merge. On Monday, the bodies of the savings bank associations in Baden-Württemberg, Bavaria and Rhineland-Palatinate jointly announced the decision to enter into concrete talks about a merger.

According to the company, a merger would create by far the largest state building society in Germany. Together, the institutes would have total assets of around 37 billion euros, 3.5 million home savings contracts and a home savings sum of 147 billion euros.

Economist Stefan Siebert has been head of LBS Südwest since 2019

LBS Südwest is active in Baden-Württemberg and Rhineland-Palatinate, with the Baden-Württemberg Savings Banks Association holding 87.5 percent and the Rhineland-Palatinate Savings Banks Association holding 12.5 percent. Stefan Siebert from South Baden is the head of LBS Südwest. He comes from Kenzingen. From 2002 to 2009 he was responsible for private customer business at Sparkasse Freiburg-Nördlicher Breisgau. From 2010 to 2017 he was CEO of Sparkasse Baden-Baden/Gaggenau. Economist Siebert has been head of LBS Südwest since 2019. In 2021, their operating profit was stable at 22 million euros. New home savings contracts with a total of 8.73 billion euros were concluded.

Headquarters should be in Stuttgart and Munich

LBS Bayern is 100 percent supported by the Savings Banks Association of Bavaria. Together, the two financial institutions employed around 1,500 people at the end of 2021. The future LBS Süd should have its headquarters in Stuttgart and Munich. There should be a state directorate for Rhineland-Palatinate at the Mainz location. There should also be a location in Karlsruhe.

“With LBS Süd, we want to create a strong building society in the economically strongest region of Germany by merging the two houses that are excellently positioned in the market,” the statement said.