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Germany's DZ Bank accelerates sales plans

DZ Bank will speed up the sale of its transport division DVB, which finances shipping and offshore, after considerable losses, reports Reuters.

Photo: DVB

Germany's DZ Bank is looking to sell off its shipping unit DVB faster than expected after the business booked impairments totaling EUR 445 million on its loans to the sector in the first half of the year, sources close to the process tell Reuters.

During the summer, several potential buyers showed interest in the division, but the price gap was too big for the parties to agree. And the attempt to reach an agreement quickly collapsed. But DVB's deficit of EUR 547 million, after delivering a profit the year before, has accelerated the sales plans once more, the sources tell Reuters.

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