Mount Street completes purchase of German bad bank

Mount Street has completed the acquisition of EAA Portfolio Advisors from Erste Abwicklungsanstalt.

The West German bad bank with €22bn of assets will be renamed Mount Street Portfolio Advisers.

The pair reached an agreement on the deal in 2016 that was subject to receipt of regulatory approval from BaFin and the Bundesbank, which has now been received.   

EAA was created in 2009 as the “bad bank” to manage the assets of the former WestLB AG – the former Western German state bank. Its shareholders are primarily the German state of North-Rhine Westphalia and its