Annual Report 2002 (pdf, 1319K) - WestLB

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32 | William C. Schier Corporate Clients If you think you know your customers, you have long since lost them. Because in a client relationship, more than in any other relationship, standing still actually means stepping backwards. Current trends, new projects, changing objectives – all these factors constantly create new constellations in which customers expect new solutions from their bank. This is why we at WestLB like to say “advising your customers means accompanying them”. MYBANK refinancing mandate for France Télécom and transactions for well-known German companies like TUI, ThyssenKrupp and Energie Baden- Württemberg (EnBW) deserve special mention here. In addition, we arranged the syndication of structured financing deals for Wembley Stadium, Tube Lines London Underground and H3G Italia. Our leading role in the market was underscored in 2002 with impressive rankings in international league tables. In the IFR league tables of leading banks, for example, we were ranked eleventh in the category Mandated Arrangers, Europe/Middle East/Africa and third in the category Banks, Euromarket of Dealogic/ Loanware. Secondary Market Credit Assets in Luxembourg Successful As in the previous year, our subsidiary WestLB International S.A., Luxembourg, posted profits after tax of € 30 million. Investment business in secondary market credit assets was particularly successful. Although private banking did not remain entirely unscathed from the poor conditions prevailing on the stock markets, it once again made a sustained positive contribution towards earnings. The capital markets and treasury units contributed substantially to the overall profit of the Bank in an uncertain market environment and ended the year well above budget. Equities Business Realigned The equities and investment banking business of WestLB Panmure could not escape the continuing downturn on the stock markets. In view of this, we carried out a comprehensive restructuring of our activities involving a major reduction in headcount, primarily in London. We have nevertheless retained the entire range of our high-quality products and services and even expanded them in important areas. For instance, we set up a Corporate Equity Solution Group, a team of specialists who will provide tailor-made equity solutions to our corporate clients from a single source. Strong Reputation of Equities Research Confirmed According to polls conducted among our clients by independent institutions, the strong reputation of our pan-European research products has increased further. We have received top rankings for our research products on German large caps.
The Company People and Markets Financial Report Names and Locations Our mid & small cap research has also acquired a high reputation, especially in the UK. We are also one of the first brokerage houses in Europe to concern ourselves in detail with the new investment approach of Socially Responsible Investments (SRI). Both our analyses and investor conferences which we organised on the subject of sustainability have met with a very positive response. Brisk Demand for Derivatives The equity derivatives business was highly successful in 2002. In the case of capitalguaranteed products such as the W-I-N certificates and PLUS-Bonds, which were very popular especially with the savings banks, we advanced to become the market leader on the EUWAX in Stuttgart. There was increasing demand on the part of our institutional clients for structured equity-linked products, which enabled us to expand our market position also outside Germany. Of particular note among our numerous transactions was the arranger mandate for the capitalguaranteed DEKA WorldGarant fund. We also organised a number of workshops in which we informed our clients in detail on the treatment of derivatives in their accounting and balance sheet presentations. Focus on Private Equity Since growth companies were largely unable to benefit from IPO financing in 2002, the procurement of pre-IPO capital gained in importance. Among the companies we supported was GFKL Financial Services AG, one of Germany’s leading financial leasing providers, whom we helped to raise € 32 million. We also participated in a private placement for the French biotech company Meristem Therapeutics S.A. and, in the venture capital segment, in the debut growth financing for the London-based start-up company 21AccessUK. In the M&A field, we acted as financial advisor to RWE Gas AG in connection with the privatisation of the Czech gas utility Transgas a.s. and eight additional regional gas companies. Another major transaction was the acquisition of Inn Partnership by Pubmaster, the UK pub chain, which is now the UK’s third-largest pub group. Concentration on Core Competencies In light of the persisting weakness of the stock markets, we will focus our equities and investment banking businesses clearly on our core competencies in 2003. The core equities business with European large caps, German mid caps and equity derivatives will be managed along with M&A advisory services under the WestLB brand. The activities in London will be streamlined significantly. The UK Mid Caps and Corporate Broking unit will in future operate under the Panmure U.K. name. The realignment will enable us not only to achieve major savings and synergies, particularly in the trading and back office areas, but also ensure that we continue to offer our clients a service tailored to their individual requirements. 33
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XWa Dedication you can count on.
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XWG WestLB AG Herzogstraße 15 4021
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Annual Report 2002 (pdf, 1319K) - WestLB

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