BERLIN (Reuters) – Germany’s Deutsche Bank is buying a 1.67 billion euro ($1.79 billion) aviation loan portfolio from lender NordLB for an undisclosed price, the banks announced on Monday.
Germany’s largest lender won a bidding process for the loans, beating out a number of domestic and international parties, NordLB said.
Deutsche said the loans are to a range of lessors and airlines, and secured by commercial passenger aircraft.
The loans will be gradually transferred to Deutsche from late June.
NordLB has been seeking to get out of the aviation loan business. It continues to hold a portfolio of 1.1 billion euros.
($1 = 0.9351 euros)
(Reporting by Klaus Lauer and Tom Sims; editing by Friederike Heine)
