2 July 2008
2 July 2008 - Leading international law firm Mayer Brown advised Landesbank Saar (SaarLB) on the sale of its online real estate loans to the Saarbrücken-based SKG Bank GmbH. The loan portfolio has a volume of Euro 800 m divided among 7000 personal customers.
SaarLB focuses on being the German-French bank which services midsize companies. Among the target markets of SaarLB are the German Federal States Saarland and the adjacent Rhineland-Palatinate as well as parts of neighboring France, in particular the North-east and the economic centers (Grand Est). Its priorities are to do business with midsize companies as well as the financing of commercial real estate. The business activities are complemented by the financing of predominantly regional public-sector households and renewable energy projects. The purchaser, the SKB Bank, is a subsidiary of Deutsche Kreditbank AG (DKB) from Berlin which, like SaarLB, belongs to the BayernLB-group.
The transaction has been structured as a sale and assumption for the respective loans. Where the clients do not agree to a change of lender, SaarLB remains the contractual partner. In future the loans will be managed on behalf of SaarLB by a servicing company belonging to the DKB-group.
Advisors SaarLBInhouse (Saarbrücken):
Heinz Kastler (coordination), Claudia Merker, Christine Reinhard, Ingrid Schommer, Hans Porten, Joachim Zobel
Mayer Brown (Frankfurt):
Dr. Jörg Wulfken (coordination, Banking & Finance), Dr. Ingo Kleutgens (Tax); Counsel: Annette Knoth; Associates: Dr. Simon Grieser (coordination, Banking & Finance), Martin Schulte (Banking & Finance)
Advisors SKG BankInhouse (Saarbrücken):
Anton Schönenberger (coordination), Wolfgang Morgenstern
Elke Kubik-Vogler (coordination), Katrin Jürgens.
For more information, contact:Dr. Jörg Wulfken
T: +49 69 7941 1077
Manager Communications, Frankfurt
T: +49 69 7941 1045