WestLB decision not seen before mid-Nov: sources

FRANKFURT (Reuters) - U.S. bank Citigroup (C.N) will likely present a report on options for the future of German state-backed lender WestLB WDLG.UL in mid-November, people familiar with the matter told Reuters.

WestLB's owners, mainly the state of North Rhine-Westphalia and the state's savings banks, are looking at strategic options for the lender, which lost more than 600 million euros ($862 million) on a series of share trades earlier this year.

Suttgart-based state-bank LBBW LBBW.UL and U.S. financial investor J.C. Flowers have expressed serious interest in the bank.

Germany's Der Spiegel magazine reported in a preview of its Monday edition that there would not be a decision on a way forward for WestLB until the end of November.