WestLB has finally acquired Weberbank, a German private bank, after a protracted battle. The bank has been in negotiations with Weberbank, w...

WestLB has finally acquired Weberbank, a German private bank, after a protracted battle. The bank has been in negotiations with Weberbank, which was owned by Bankgesellschaft Berlin, since the beginning of the year. "The acquisition will strengthen WestLB's position in business with high net worth private clients in Germany," WestLB said in a statement on the acquisition. A spokesman for the bank told WealthBriefing “The acquisition of Weberbank provides WestLB with the critical mass needed for a successful return to private banking in Germany.” WestLB also has a private banking business in Luxembourg, WestLB International, and France, Banque d´Orsay, which it has been adding resources to, according to the spokesman. He added that Weberbank is expected to open a branch in Düsseldorf. Founded in 1949, Weberbank is one of Germany's oldest-established private banks. The businesses acquired by WestLB has around €3 billion ($3.79 billion) in assets under management, and more than 33,000 clients, including many high net worth individuals, foundations and non-profit organisations. WestLB will retain all employees of Weberbank.