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Nord/LB ties up with DSGV

Nord/LB has rejected a joint offer from two financial investors for a minority stake in the bank, as it focuses on a joint solution with the German Savings Banks Association (DSGV). 

As HLPFI reported here, the bank received the joint offer after launching a formal bidding process in 2018.

Nord/LB said: “After an in-depth assessment of a joint offer by two financial investors submitted as part of a bidding process, the bank and its owners are turning down this option for the moment to focus on a joint solution with the DSGV under public law.”

The proposal will see DSGV “contribute to a solution for strengthening Nord/LB’s capital”. The statement added that the plan would provide a suitable basis for the further development of the bank’s business model. 

Further discussions with DSGV, in coordination with the banking supervisory authority and the EU Commission, will take place in due course to clarify that the measures can implemented as soon as possible, said Nord/LB. 

The bank has also reached a deal with an external investor that will see Nord/LB transfer one of its ship financing portfolios for approximately EUR2.7 billion (USD3.09 billion). The portfolio comprises 263 ships.

According to Nord/LB, this is an important first step in cutting down its non-performing loan (NPL) portfolio, which, as of September 30, 2018, stood at EUR7.3 billion (USD8.35 billion) in total. 

www.nordlb.com

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