DVB Bank AG to sell its transport
The Board of Managing Directors of DVB Bank AG has decided to discontinue the Bank's Transport Infrastructure financing business, and to sell the Transport Infrastructure loan portfolio (amounting to some EUR 0.67 billion).
Commenting on the reasons for the decision, Mr. Wolfgang Driese, CEO and Chairman of the Board of Managing Directors, said: 'It is our corporate mission to be the leading specialist in international transport finance, a role which we have already achieved in Shipping, Aviation and Land Transport. The Transport Infrastructure Division has developed well and contributed steadily to the Bank's positive results over the past few years, thanks to the talent and hard work of the team. Nonetheless, the Board holds the view that, given the constantly growing transaction sizes for transport infrastructure projects, achieving the bank's strategic goals in Transport Infrastructure finance appears unlikely.'
Established in 1998, the Transport Infrastructure Division has contributed positively to the Bank's results, accounting for 4.9% of DVB Group's consolidated revenues in 2005. At present, Transport Infrastructure accounts for 5.8% of the Bank's overall Transport Finance loan portfolio. The portfolio is broadly-diversified around the globe, comprising 28 projects, with a focus on maritime ports, airports, and toll roads. The division employs seven staff.
Note to Editors: DVB Bank AG, based in Frankfurt/Main, is an international advisory bank and finance house that specialises in the global transport market. DVB offers integrated financing solutions and advisory services in respect of Shipping, Aviation, and Land Transport. The Bank operates out of offices in Frankfurt/Main, Hamburg, London, New York, Rotterdam, Hong Kong, Singapore, Tokyo, Bergen, Piraeus, and Curaçao. DVB Bank AG is listed on the Frankfurt Stock Exchange (ISIN: DE0008045501).