A4 für Copyshop GB.indd - Bayerische Landesbank

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90 Report on the Bank and the Group } BayernLB Group seizes opportunities in Eastern Europe Overview Economy After three years of stagnation, 2004 brought moderate economic recovery, with Germany’s gross domestic product growing by 1.6 percent in real terms. Companies with a large share of export business in particular were able to benefit from the ebul- lient rebound of the global economy. Nonetheless, private household consumption was sluggish due to meagre income growth. This limited the potential of the economic upswing. The fact that Germany was able to tap into Europe’s economic growth was purely thanks to strong demand from abroad. Both global and domestic situations do not point towards an economic revival for Germany in 2005. On the financial markets, the year was marked by continued – albeit somewhat leisurely – recovery of the equity markets, a surprising decline in interest rates in the second half, and not least by a weak dollar. New business model The transformation of BayernLB’s business model, begun in 2002 and pursued with vig- our throughout 2003 and 2004, is already proving successful. The turnaround has been achieved. In the year under review, BayernLB’s business model was consistently on – if not ahead of – schedule. This allowed around 1,000 job cuts in the core Bank (BayernLB excluding Bayerische Landesbausparkasse (LBS) and Bayerische Landesbodenkreditanstalt (Labo)) to be achieved before schedule. This personnel reduction measure had been approved in 2003 and was originally planned for wrap-up by 2005 / 2006. BayernLB’s Board of Management was reduced from nine members in 2003 to seven in 2005. Optimisation of BayernLB’s foreign entities, begun in 2003, is right on schedule. The Singapore-based BLB Asia Pacific Ltd., as well as the Singapore, Tokyo and Toronto branches have been closed. Winding-up of the Labuan branch is also running accord- ing to plan. The London, Paris, Milan, New York, Hong Kong and Shanghai locations together form an optimum network of foreign entities, which BayernLB can exploit to support both its own customers and those of the Bavarian savings banks in their inter- national business. It can also take advantage of selected business opportunities arising on these particular financial markets. As part of its business model, the BayernLB Group is pressing on with its strategy for Eastern Europe, as well as continuing to expand its retail capability. A major aspect of this is the support the Bank provides for the savings banks and their customers in the Central and Eastern European (CEE) markets through high-quality consultation services and a local network of cooperating partners. This network is currently being expanded. The Budapest-based Hungarian Foreign Trade Bank (MKB), which enjoys an excellent
position and serves as a bridgehead in Hungary, is playing a decisive role in this proc- ess. Moreover, operating from its Munich head office outwards, BayernLB is seizing its opportunities in the growing CEE and Russian markets. In addition to joint market development with the savings banks in Bavaria, retail capability is also being further expanded through LBS, Labo and the subsidiaries Deutsche Kreditbank AG, Berlin, (DKB), Landesbank Saar, Saarbrücken, (SaarLB), MKB, Banque LBLux S.A., Luxembourg, and LB(Swiss) Privatbank AG, Zurich, as well as through our extensive credit card business. BayernLB is now directing its full attention to the task of stabilising and raising profits. Concomitant measures have been taken in the individual business areas. The Bank is continuing to focus consistently on the market – together with the Bavarian savings banks – and to pursue the implementation of strategic realignment in a target-oriented manner. Participations portfolio In 2004, BayernLB continued with the streamlining of its participations portfolio. Further realignment in Austria and Italy At the beginning of July 2004, BayernLB sold its 46.4 percent participation in the Vienna-based Bank für Arbeit und Wirtschaft AG (BAWAG) to the Austrian trade union federation (ÖGB). In November 2004, the Bank sold its 100 percent participation in the Austrian company Ruefa Reisen AG to Österreichische Verkehrsbüro AG. In July, it con- cluded the sale of its 10 percent participation in Südtiroler Sparkasse to Stiftung Süd- tiroler Sparkassen, Bolzano. TxB Transaktionsbank GmbH LB Transaktionsbank GmbH Frankfurt (Main) – München, a subsidiary founded jointly with Helaba in 2002, has successfully established itself on the market. During 2004, it managed to further consolidate its market position by merging with the Hamburg- based PLUS Bank AG, a wholly-owned subsidiary of HSH Nordbank. Since 1 October 2004, the newly formed company has traded under the name TxB Transaktionsbank GmbH (TxB). TxB, of which BayernLB holds 37.5 percent, boasted around 210 mandates from the savings bank and private bank sector at year-end 2004. It is the third-largest transaction bank in Germany for securities services. TxB’s share- holders are constantly exploring new practical strategic options in order to achieve greater economies of scale in securities settlement. Report on the Bank and the Group 91 } Merger between LB Transaktionsbank and PLUS Bank completed successfully
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Annual Report and Accounts 2004
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LBS Bayern Corporates Business Area
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Clear figures. Clear objectives. Th
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Foreword by the Board of Management
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1 Board of Management and executive
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Dr. Rudolf Hanisch born in 1946, De
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In transforming its business model,
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Sparkassen-Finanzgruppe Bayern Baye
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Financial Statements Audit Committe
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Norbert Kastner Lord Mayor of the C
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2 Economic situation
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(Hartz IV) contributed to an overal
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An open mind. Clarity. Inspiration.
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30 BayernLB - our company } BayernL
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32 BayernLB - our company } Restruc
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34 BayernLB - our company } Cross-b
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36 BayernLB - our company } Lead ar
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38 BayernLB - our company } Coopera
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Page 82 and 83: 78 BayernLB - our company Our staff
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Page 90 and 91: A product is only as good as the to
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Complex enterprises demand reliabil
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Bayerische Landesbank Brienner Stra
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A4 für Copyshop GB.indd - Bayerische Landesbank

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