German bank Landesbank Baden-Wuerttemberg (LBBW) confirmed yesterday that it will close its Dublin asset management business, leading to the loss of 30 jobs.

The wind-down of the operation had been flagged by LBBW, which had agreed to exit two of its international businesses as part of a restructuring plan agreed with the European Commission. Germany’s biggest state-owned lender undertook in 2009 to radically shrink its activities after receiving a state bailout. A spokesman for the Stuttgart-based bank said yesterday that LBBW Asset Management (Ireland) would be closed by the end of the year. The bank has already exited a New York brokerage operation.

The spokesman said a disposal of the Dublin operation, located at George’s Quay Plaza, was considered but closure was ultimately chosen instead. – (Additional reporting, Bloomberg)