Economic review

Chinese banks bid for Germany lender

2018-02-14 10:38:00 (Beijing Time)         Global Times/Agencies

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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.