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Frankfurt / Main (dpa) - DZ Bank is pulling the rip cord at its subsidiary DVB, which has been losing money for years.
The transport financer is to be wound up ahead of time by merging with the parent company.
After examining a "series of strategic options", the supervisory board came to the conclusion that it should be integrated into the top cooperative institution DZ Bank, according to an internal letter to DVB employees.
A merger would offer the best approach to curb the accumulation of losses at the institute, which has been suffering from the shipping crisis for years, writes the DVB board.
The “Börsen-Zeitung” (Friday) had previously quoted from the letter.
DZ Bank did not want to comment on the information when asked.
The project is still in the examination stage.
The feasibility study defines “August 2022 as the earliest possible point in time for the integration of DVB into DZ BANK,” says the paper.
If the supervisory bodies approve and the plan is implemented, the merger would be implemented retrospectively as of January 1, 2022.
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It is still unclear what will become of the 300 or so DVB Bank employees, around half of whom work abroad.
It is foreseeable that after completion of an integration “a smaller number of employees would be required” to “manage the remaining DVB portfolios and the infrastructure”, writes the management.
Shipping is in a crisis due to overcapacity, and many shipping companies were no longer able to pay loan installments due to declining freight business.
That put DVB in trouble.
Large parts of DVB's business have already been sold in recent years.
Report “Börsen-Zeitung” December 11th, 2020
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DVB Bank
Press releases DZ Bank
DZ Bank on the 2019 balance sheet
Annual reports DZ Bank