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Frankfurt / Main (dpa) - The transport financier DVB Bank is to be merged with the parent company DZ Bank.
The board of directors made the fundamental decision on Thursday to integrate the bank into the cooperative DZ Bank as the sole shareholder in 2022, announced the DVB Bank in Frankfurt.
The institute has made significant progress in restructuring over the past few years, reducing the portfolio by more than 20 billion euros and significantly lowering costs.
The board of directors considers an integration of the remaining portfolio and the operational infrastructure into the DZ Bank “the best way to maintain value and realize synergy effects”, it said.
DVB, with around 300 employees, has been in the red for years because of its involvement in ship loans.
The shipping industry is in a crisis because of overcapacity, and many shipping companies can no longer pay loan installments.
That put the transport financier in distress.
Large parts of the DVB business were subsequently sold.
In the coming months, a detailed integration plan will be drawn up, it was now said.
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© dpa-infocom, dpa: 210401-99-58659 / 3
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