The parent of loss-making DVB Bank has decided to call time on one of the most famous names in ship finance. The bank is to be dissolved with the remaining parts of the business transferred to parent DZ Bank, according to a leaked memo that has been seen by many German news outlets.
DZ has been trying to sell DVB since 2017. Its land transport business was sold to the Landesbank Hessen-Thüringen, while a deal to sell its aviation finance business to Japan’s Mitsubishi UFJ Financial Group recently fell through. DVB, which was once among the top five shipping banks in the world, announced plans to wind down its shipping portfolio last December.
One of the most professional transportation banks ever is leaving the field
Commenting on the news at the time, Splash finance columnist Dagfinn Lunde, who headed the bank’s shipping division for a number of years, said he was sad to hear of DVB’s decision.
“One of the most professional transportation banks ever is leaving the field,” Lunde said.
The planned merger, which still needs approval from DZ Bank’s supervisory board, is expected to go through in 2022.
“In line with this timing, the closure of the London and Amsterdam offices is envisaged to be in the middle of 2022,” an internal memo by the bank reads.
DVB officials have yet to reply to questions sent by Splash earlier today.