EuropeFinance and Insurance

Goldman Sachs appointed to advise on sale of DVB

Germany’s DZ Bank is pushing ahead once again with plans to sell its DVB transport finance arm, Reuters is reporting.

Germany’s second-largest lender after Deutsche Bank has hired Goldman Sachs to advise it on the DVB sale.

DZ Bank had been in talks to sell DVB to Mitsubishi UFJ two years ago, but no deal ever materialised. Discussions with other parties took place also last summer without any deal being struck.

DZ Bank bought out minority shareholders in DVB recently, potentially facilitating a sale of the business.

Reuters estimates that German banks are holding at least $100bn in distressed shipping loans.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button