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KfW draws consequences from Lehman incident
Supervisory Board approves sale of IKB shares to Lone Star
Frankfurt (ots) - Following today's Supervisory Board meeting, Federal Minister Michael Glos, the KfW Supervisory Board Chairman, and Federal Minister Peer Steinbrück, his deputy, issued the following statements:
1. The Supervisory Board has intensively analysed the Lehman incident and decided at the proposal of KfW Managing Board Chairman Dr. Ulrich Schröder to suspend the two responsible Managing Board members Dr. Peter Fleischer and Detlef Leinberger from their functions with immediate effect pending final clarification of the incident.
The Managing Board also suspended the Senior Vice President in charge of the Risk Controlling Department with immediate effect until the incident has been clarified.
The Supervisory Board has acknowledged that Managing Board Chairman Dr. Ulrich Schröder has hired a law firm to examine whether the events that have been identified call for appropriate consequences.
2. The Supervisory Board expressly supports the initiative of Managing Board Chairman Dr. Ulrich Schröder to submit the business procedures and organisational structure of KfW, especially of the risk management, to an in-depth audit. Dr. Schröder will report to the Supervisory Board on the first results at the next meeting.
3. The Supervisory Board of KfW Bankengruppe has also decided to sell KfW's shares in Deutsche Industriebank AG (IKB) to the private Investor Lone Star. The Supervisory Board thus follows the resolution of KfW's Executive Committee of 20 August 2008, which had recommended the sale.
Under the deal, Lone Star is taking over KfW's IKB shares in full. The sale to a private investor meets the central objectives of the rescue operation for IKB. A collapse of IKB has been prevented and IKB can now continue operating as a bank for small and medium-sized enterprises. Germany has been stabilised as a financial centre and substantial economic damage has been averted.
KfW conducted the structured, open and non-discriminating selling process, including the selection of the buyer, in coordination with KfW's Executive Committee. The Managing Board of KfW Bankengruppe and Lone Star signed the corresponding purchase agreement in Frankfurt am Main on 21 August 2008. However, the sale still required the approval of KfW's Supervisory Board, among other conditions. Further authorisations are pending as well, including European Commission approval. The closing of the agreement will take place by October 2008.
For further information please contact:
Original-Content von: KfW, übermittelt durch news aktuell
Dr. Michael Helbig
Tel.: +49 (0) 69 7431-2277
KfW, Palmengartenstraße 5-9, 60325 Frankfurt
Tel. 069 7431-4400, Fax: 069 7431-3266,
E-Mail: email@example.com, Internet: www.kfw.de