Deloitte advises on the spin-off of Investitionsbank Sachsen-Anhalt

After intensive preparations, Investitionsbank Sachsen-Anhalt was founded in Magdeburg on 1 March 2023 as a public law institution with legal capacity. Deloitte has been advising and supporting Investitionsbank and the Federal State of Saxony-Anhalt in this independence process since 2019.

Exactly 19 years after Investitionsbank Sachsen-Anhalt was founded as an institution within the institution under the banner of NORD/LB, it will become legally independent on 1 March 2023 and, as a result of this separation, will be able to act even more purposefully in the interests of the state in future.

Volker Krug, CEO of Deloitte Germany, points out: "This was an exceptional project for Deloitte. After all, development banks are only established in Germany every 15 to 20 years, if at all. For many colleagues from a wide range of disciplines, this was a unique experience. The independence of Investitionsbank Sachsen-Anhalt is also a milestone in the independent implementation of development tasks. Development policy can now focus even more on the concrete needs of companies and people in the Federal State and react flexibly to new developments."

Deloitte advised on the interface between banking supervisory law, public administrative organization law and EU state aid law. The focus was on supporting the licensing procedure by providing advice with regard to establishment law, the articles of association and other requirements under administrative organization law. In addition, comprehensive support was provided on individual issues of accounting law, supervisory law and business management. The licensing procedure was conducted by the German Federal Financial Supervisory Authority (BaFin).

Dr Mathias Hanten, Partner at Deloitte Legal Banking & Finance, explains: "Unlike private banks, there are no real standards for setting up development banks. Together with BaFin, we had to work out many things from scratch. This allowed us to build on our expertise and experience in the public banking sector and enrich our established multidisciplinary bank start-up team. All private and public sector institutions can benefit from this in the future".

Wilhelm Wolfgarten, Partner Deloitte Audit & Assurance, adds: "The Saxony-Anhalt spin-off project shows that a comprehensive "as-is" consulting approach is essential for the efficient and successful implementation of modern start-up and restructuring projects. On the legal side, this applies in particular to the interfaces between constitutional and administrative law on the one hand and other areas such as banking law on the other. And on the economic side, business planning, the commercial representation based on it and the regulatory capital and liquidity requirements are closely intertwined".

Advisor Investitionsbank Sachsen-Anhalt and Federal State of Saxony-Anhalt:

Deloitte Legal: Dr. Mathias Hanten (Partner, Lead, Banking & Finance, Frankfurt Main); Nadine Forstmann (Counsel, Co-Lead, Banking & Finance, Frankfurt Main and Cologne); Dr. Moritz Maier (Senior Associate, Co-Lead, Banking & Finance, Frankfurt Main and Berlin); Dr. Hannes Bracht (Partner, Banking & Finance, Düsseldorf); David Gaida (Associate, Banking & Finance, Frankfurt Main); Torsten Bloch (Partner, Notary Public, Berlin); Rayko Wittig (Of Counsel, Notary Public, Berlin); Jana Hupfer (Senior Associate, Corporate/M&A, Frankfurt Main)

Deloitte Audit & Assurance: Wilhelm Wolfgarten (Partner, Lead, FSI Audit & Assurance, Düsseldorf); Dr. Gil Opher (Counsel, FSI Audit & Assurance, Frankfurt Main); Sebastian Terörde (Manager, FSI Audit & Assurance, Düsseldorf)

Deloitte Risk Advisory: Thomas Peek (Partner, Banking & Capital Markets, Frankfurt Main); Matthias Gölz (Senior Manager, Banking & Capital Markets, Frankfurt Main); Jennifer Heine (Manager, Banking & Capital Markets, Mannheim); Dmitri Grominski (Director, Risk Advisory, Köln); Karl Friedrich Hofmann (Director, Risk Advisory, Berlin); Dr. Arvid Skaugen (Senior Consultant, Risk Advisory, Hamburg); Dominik Meiser (Senior Manager, Risk Advisory, Frankfurt am Main); Torben Hülbüsch (Manager, Risk Advisory, Hamburg)

_{Published: June 2023}