WestLB announced yesterday that it has agreed with Sachsen-Finanzgruppe to cooperate in the private client and medium-sized corporate client...

WestLB announced yesterday that it has agreed with Sachsen-Finanzgruppe to cooperate in the private client and medium-sized corporate client areas. The move follows Monday’s announcement from WestLB that it has entered into a joint venture asset management agreement with a Japanese financial firm. As agreed in October, WestLB said it still has the option to take a 25.1 per cent stake in SachsenLB as part of its cooperation with the state-owned bank. "WestLB will decide whether to realize this option when it has completed due diligence and received approval by the supervisory board during the course of next year," WestLB said in a statement. Sachsen-Finanzgruppe is based in the German city of Leipzig. It is in charge of seven of the Sparkasse savings banks in the Saxony region.