After more than 40 years, the Norddeutsche Landesbank (NordLB) is withdrawing from aircraft financing and is selling a large part of its portfolio to Deutsche Bank. The sales contract is worth 1,67 billion euros. The purchase price has been kept confidential. The employees affected will continue to be employed within NordLB.
NordLB manages a leasing portfolio of 278 aircraft and offers other financing solutions for aviation companies. The deal still has to be approved by the antitrust authorities and is expected to be completed in the second half of 2024. NordLB's entire aircraft business has a volume of around EUR 2,75 billion and includes around 300 aircraft and engines. Part of the business is to remain with NordLB and be gradually phased out.
Ross Duncan of Deutsche Bank emphasized the strategic importance of the transaction and the strength and experience of NordLB in the aviation industry. Deutsche Bank prevailed in a bidding process against numerous national and international interested parties.
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