GERMANY - Strong interest in Landesbank Berlin

It is reported that 19 parties have declared an interest in bidding for the city of Berlin’s 81% stake in Landesbank Berlin. The city has not identified potential bidders but it is said that they include German and foreign banks, as well as private equity companies. UBS has been appointed to manage the auction process. The city of Berlin is required to sell its stake in the bank by the end of the year, according to conditions set by the European Commission after the city bailed out Landesbank Berlin in 2001.