Wüstenrot & Württembergische AG agreed to sell fully owned subsidiary Wüstenrot Bank AG Pfandbriefbank to Bremer Kreditbank AG.
Deal completion, financial terms of which been kept confidential, is expected once regulatory approvals have been obtained. W&W said it agreed on an extensive sales collaboration with Wüstenrot Bank, allowing the reciprocal sale of both entities' financial products and further strengthening of sales.
W&W evaluated several options over the course of 2017 to increase the growth potential of Wüstenrot Bank. The German company noted that the ownership structure of Wüstenrot Bausparkasse AG, which is affiliated with Wüstenrot Bank, will not be affected by the sale.