Hamburg Commercial Bank sells aviation portfolio to Deutsche Bank
HAMBURG/GERMANY – Hamburg Commercial Bank AG (HCOB) has reached an agreement to sell its aviation finance portfolio to Deutsche Bank. The portfolio comprises exclusively performing loans totaling around USD 450 million. The sale is part of the bank’s strategic realignment initiated in the first half of the year and the discontinuation of aviation financing in this context.
“This transaction sharpens our business model and allows us to focus on our core franchises in Corporates, Shipping, Project Finance, and Commercial Real Estate,” said Luc Popelier, Chief Executive Officer of Hamburg Commercial Bank. “We would like to thank our clients in the aviation sector for their trust and valued partnership. We are confident that, with Deutsche Bank, we have found a highly suitable financing partner for them.”
HCOB sold the portfolio as part of a multi-stage bidding process that attracted broad market interest. The transaction is expected to close at the end of October.
About Hamburg Commercial Bank
Hamburg Commercial Bank AG (HCOB) is a private commercial bank headquartered in Hamburg, Germany, that provides customized financing solutions for German and international companies. HCOB has a strong position in structured real estate and project finance and is a reliable financing partner for the shipping sector. Efficient and secure payment transaction services as well as innovative products for foreign trade complete the range of services. The bank is guided by established ESG criteria and operates from several locations in Germany as well as in Amsterdam, London, Luxembourg and Piraeus. For more information, please visit www.hcob-bank.com.
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
This press information can contain forward-looking statements. These statements are based on our beliefs and assumptions, on information currently available to us which we consider reliable. Forward-looking statements include all statements which are not historical facts, including information concerning future growth prospects and future economic developments.
Such forward-looking statements are based on assumptions relating to future events and are subject to uncertainties, risks and other factors, a large number we cannot influence. Thus actual events can differ considerably from the forward-looking statements made. We make no warranty for the correctness or completeness of these statements or the actual occurrence of the statements made. Furthermore, we assume no obligation for updating the forward-looking statements after this information has been published.