Chi­nese banks bid for Ger­many lender

Global Times - - Bizoverview -

Bank of China (BOC) and In­dus­trial and Com­mer­cial Bank of China (ICBC) are among the po­ten­tial bid­ders for Ger­man trans­port fi­nance lender DVB Bank, three sources fa­mil­iar with the mat­ter said.

The pre­lim­i­nary ex­pres­sions of in­ter­est by two of China’s lead­ing lenders fol­low a wider push by Chi­nese com­pa­nies to in­vest in as­sets in Europe, es­pe­cially in Ger­many.

In De­cem­ber, sources said that Ger­man co­op­er­a­tive lender DZ Bank planned to sell its sub­sidiary DVB, which fi­nances ships, air­craft, off­shore oil rigs and the rail in­dus­try. The sale process is in its early stages.

The sources, who de­clined to be iden­ti­fied due to the sen­si­tiv­ity of the mat­ter, said that both Bank of China and ICBC are work­ing on pitches. One source said they are ex­pected to present ini­tial pro­pos­als this month.

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