Out of the ashes: Portigon’s rise from WestLB
Germany’s WestLB was a casualty of the 2008 financial crisis. Four years on, a part of it still survives as the portfolio management firm Portigon. Op risk head Rainer Sprengel tells Jessica Meek about the problems it faced during the transition – and its plans for the future
By the time the financial crisis hit in September 2008, WestLB was already in the midst of turmoil. This was as a result of "serious financial difficulties due to excessive risk taking prior to the 2008 financial crisis", the European Commission said in a statement in December 2011. By the time the German regional bank, or Landesbank, asked its state owners for a €5 billion guarantee - in February
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