As part of a restructuring plan to offset its weakened financial position, WestLB will close its Tokyo branch and concentrate its aircraft leasing and transport finance businesses into a new leasing company. WestLB Leasing Japan will be established as a subsidiary of WestLB, Düsseldorf.
As part of the bank's global transportation activities, the new entity will focus on all aspects of Japanese operating lease arrangements for lessees worldwide, the arrangement of other asset-based financing and leasing transactions in Asia-Pacific, and respective transaction management.
WestLB Leasing Japan is expected to be a continuation of the bank's established Japanese leasing and Asia-Pacific asset finance activities.
For the first quarter to March 31 2008, WestLB reported a profit before income...
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