DVB Seeks Capital Increase Amid Downturn

DVB

German shipping bank DVB said on Monday it will seek a capital increase after write-downs on bad loans pushed the lender to forecast an even bigger net loss for 2016.

German shipping banks, already struggling to recoup tens of billions of dollars of loans due to a global shipping industry slump, have also been hit by slowing growth in China and sluggish global trade. These banks are believed to be behind up to a quarter of the world’s $400 billion of outstanding shipping loans.

Frankfurt-based DVB, which is owned by DZ Bank, said it would gain much-needed cash by issuing new shares in a capital increase.

“DVB’s parent company, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, intends to strengthen DVB’s capitalisation through appropriate measures, also against the background of stricter capital requirements for banks,” DVB said in a statement.

The capital increase is expected to be between 100 million euros ($107.4 million) and 200 million euros, according to one source familiar with the matter.

[reuters]

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