Hengeler Mueller advises on the merger of the savings banks LBS Ost and LBS SHH to form LBS NordOst

Following the signing of the merger agreements on August 14, 2023 by the owners of LBS Ost and LBS SHH - Ostdeutscher Sparkassenverband, Sparkassen- und Giroverband für Schleswig-Holstein and HASPA Finanzholding - and the approval of the banking supervisory authority, the merger to form the future LBS Landesbausparkasse NordOst AG is imminent. The merger will take place with retroactive effect from January 1, 2023 with the now pending entry in the commercial register.

The future business area of LBS NordOst comprises the federal states of Brandenburg, Hamburg, Mecklenburg-Western Pomerania, Saxony, Saxony-Anhalt, Schleswig-Holstein and Berlin East, with a total population of 15.1 million. The AG's total assets amount to around 8.6 billion euros. In cooperation with the savings banks, it manages around 1.2 million home savings contracts with a combined total of over 38 billion euros.

Hengeler Mueller provided advice to LBS Ost and LBS SHH on the merger.

Hengeler Mueller team for LBS Ost and LBS SHH

Bank Regulatory/ Corporate: Carl-Philipp Eberlein (partner, lead, Dusseldorf), Jan Leto Steffen (counsel, Frankfurt), Marc Zuber (associate, Dusseldorf).