WestLB Becomes New PAYBACK Partner

  • Launch of PAYBACK card with payment function in the fourth quarter
  • Attractive instalment credits for PAYBACK members
  • All savings banks and alliance partners can use the PAYBACK marketing platform

PAYBACK, Germany´s leading bonus programme, will work in partnership with WestLB AG to add a cost-free payment function to its customer card. The PAYBACK card will now be able to be used as a means of payment with PAYBACK partner companies, with the amount being debited directly or in instalments. As a next step in the partnership, which has still to be approved by PAYBACK´s governing bodies, it is planned to develop joint products for PAYBACK members, for example instalment credits at attractive terms and conditions.

All savings banks and alliance partners – together the biggest financial alliance in Germany – have the possibility to enter into cooperation agreements with a view to using the new distribution channel and to offer PAYBACK customers their products and services. ABC Privatkunden-Bank (Berlin), which WestLB is to acquire, will serve as the central platform for the cooperation. The Federal Cartel Office has already approved the acquisition. Moreover, savings banks, Landesbanks and other alliance partners can participate directly in the bank. Andreas Kramer (34), currently Head of the Board Office & Group Development business unit at WestLB, will shortly strengthen the senior management team of ABC Privatkunden-Bank GmbH.

WestLB Managing Board Chairman Dr. Thomas R. Fischer said:

“The cooperation with PAYBACK offers the entire Sparkassen-Finanzgruppe the opportunity to make use of the biggest marketing platform in Germany and its direct access to PAYBACK members. We are delighted to announce this cooperation and are convinced that the partnership will be a success.”

Alexander Rittweger, Managing Director of Loyalty Partner, the company operating PAYBACK, said:

“The payment function ideally complements the existing PAYBACK card. We are delighted that we have found the perfect partner to provide the payment function which many of our members would like to have. At the same time it will be even easier and faster for PAYBACK members to collect bonus points, and we will offer them many additional services and particularly attractive financial products.”

As is customary with PAYBACK, customers will enjoy full data protection. All processes connected with the payment function, from the processing of applications to invoicing, will be handled by WestLB.

About WestLB:

WestLB is a European commercial bank with headquarters in North Rhine-Westphalia, Germany´s largest federal state. With total assets of € 265.0 billion, it is one of the leading financial services providers in Germany. As the central institution of the savings banks it is a competence centre and link to the international financial markets for more than 120 savings banks in North Rhine-Westphalia and Brandenburg. In a close business alliance with the savings banks, WestLB offers a full range of products and services in the areas of lending, specialised finance, capital market and private equity products, asset management, transaction services, real estate finance and private banking. WestLB has a total of 6,353 full-time employees.