WESTDEUTSCHE LANDESBANK GIROZENTRALE

(GermanWest German National Exchange Bank) byname WestLB major German commercial and investment bank. Its owners (guarantors) are the state of North RhineWestphalia, the Association of North RhineWestphalia Savings Banks, and district associations of the state. Its headquarters are in Dsseldorf. The bank was established in 1969 through the merger of the Landesbank fr Westfalen Girozentrale, Mnster (established 1832; Westphalian National Exchange Bank), and the Rheinische Girozentrale und Provinzialbank, Dsseldorf (1854; Rhineland National Exchange and Provincial Bank), at which time the present name was adopted. These two banks had played an important role in financing the economic development of the Rhine-Westphalia region in the 19th and 20th centuries. They merged in order to compete more effectively with the three major commercial banks in Germany: Deutsche Bank, Dresdner Bank, and Commerzbank. WestLB is the central bank of the state of North RhineWestphalia, which contains the Ruhr industrial region and is the most populous state in Germany. The bank provides local manufacturers with export financing and provides commercial banking, corporate loans, trade finance, mortgage loans, loans to states and municipalities, leasing, deposit facilities, money markets, and foreign commercial transactions. WestLB also acts as a clearinghouse for the region's 250 savings associations.