WestLB, the German Landesbank, is close to buying Weberbank, a Berlin-based bank, from Bankgesellschaft Berlin. The other two banks bidding ...

WestLB, the German Landesbank, is close to buying Weberbank, a Berlin-based bank, from Bankgesellschaft Berlin. The other two banks bidding for Weberbank—M.M. Warburg and Merck Finck—are believed to have pulled out of the negotiations, according to reports in the German media. WestLB is looking at the possibility of an asset deal, in which WestLB would take over the brand name of Weberbank and its corporate and private banking activities, but not the whole institution. The price for the bank is expected to be around €100 million ($129.6 million) and the sale is expected to be completed within a month. The Landesbank has made various statements about building up a private banking presence in Germany as it attempts to diversify its earnings.