Annual Report 2002 (pdf, 1319K) - WestLB

42
Sparkassen
CLIENT SECURITIES BUSINESS: SALES ALMOST
DOUBLED
23.5
12.0
22.3
2000 2001 2002
(€ billions)
As the central institution for the savings banks
in North Rhine-Westphalia and Brandenburg,
WestLB AG continued to provide its partners
with a complete range of products and services
for their proprietary and client business in
2002. The combination of an efficient central
bank and the broad-based sales and distribution
network of the savings banks underscored the
partnership’s capacity to guarantee seamless and
precise handling of all business activities. A
greater concentration of expertise has translated
into ever faster, more efficient business processes.
Brisk Demand for Structured
Products
Given the weak state of the economy as a whole,
cooperation with the savings banks in North
Rhine-Westphalia developed encouragingly.
Sales of securities in the proprietary business
segment decreased, but nevertheless maintained
a high level at € 11.2 billion (2001: € 14.3 billion).
In the client segment sales increased substantially,
almost doubling to € 22.3 billion (2001: € 12.0
billion). Fixed income securities and investment
certificates fared particularly well, with sales
of WestLB AG products soaring by more than
50% to € 75 million (2001: € 45 million). This
enabled us to demonstrate our expertise in
creating structured products; capital-guaranteed
products such as the W-I-N certificates and
PLUS-Bonds were in particularly strong demand
among savings banks’ customers. As part of
our balance sheet management services for the
savings banks, we offered them structured and
derivatives products designed to optimise their
portfolio and interest rate management.
Successful Cooperation with Savings
Banks in Brandenburg
The cooperation with the savings banks in
Brandenburg, which dates back to 1992,
continued to flourish in all key strategic
business segments last year. The partnership