On 1 August 2005, Baden Württembergische Bank (BW-Bank) was incorporated into LBBW as a legally dependent institution under public law. Also as a legally dependent institution under public law, the former Landesbank Rheinland-Pfalz was integrated in the LBBW Group on 1 July 2008 under the new name Rheinland-Pfalz Bank. In 2007, the state governor of Baden-Württemberg, Günther Oettinger, announced that LBBW would pay an initial 250 million euros, or $342 million, for its competitor Sachsen LB; on 1 April 2008, LBBW re-organized its activities in Central Germany (Thuringia, Saxony-Anhalt and Saxony) under the umbrella of Sachsen Bank.