WestLB CEO says Q1 net profit best-ever - paper

09 May 2009 @ 12:12 pm EDT

FRANKFURT - German state bank WestLB will say in a few days that it posted a three-digit million euro net profit in January-March, its best-ever first-quarter, Chief Executive Heinz Hilgert told a German weekly magazine.


WestLB CEO says Q1 net profit best-ever - paper
WestLB Chief Executive Heinz Hilgert attends the annual news conference in Duesseldorf March 26, 2009. WestLB Group closed the year under review with a positive result despite the further deepening of the financial market crisis and the noticeable slowdown of the economy.
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He also said the bank reduced its administration costs by nearly one-fourth, according to Der Spiegel's pre-release on Saturday.

Hilger said WestLB is prepared to merge with other banks and give up its legal personality.

He said he expects the European Commission will make an announcement this week regarding its demand for Germany to sell its stake in WestLB.

Copyright 2009 Thomson Reuters. All rights reserved.

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