NORD/LB Norddeutsche Landesbank successfully completed the sale of a EUR 2.6 billion shipping loan portfolio ("Big Ben" transaction) to an affili-ate of Cerberus Capital Management, L.P., a global alternative investment manager. The transaction was closed on 9 April, in accordance with the signing of the purchase agreement dated February 2019.
NORD/LB Norddeutsche Landesbank has, together with its owners and the Savings Banks Finance Group, agreed on the key elements of a capital strengthening and revised business model with its former owners and the Savings Banks Finance Group. NORD/LB will remain a business partner for SMEs, savings banks, private and commercial customers as well as institutional investors. It will also continue in its role as a specialist for financing energy and infrastructure projects, real estate and aircraft.
BayWa r.e. and NORD/LB Norddeutsche Landesbank have successfully completed the financing of three new wind farms in Italy with a total vol-ume of more than 100 million euro. The wind farms are currently con-structed by BayWa r.e. (Munich) in the Italian regions of Lazio and Cam-pania and have a total output of around 66 MW.
The NORD/LB Group placed two large-volume own issues on the capital market this week. On Monday, NORD/LB subsidiary Deutsche Hypo issued a benchmark mortgage Pfandbrief with a ten-year term and a volume of EUR 625 million. The bond was primarily placed with institutional investors in Asia and Europe. It carries a coupon of 0.75% and the yield is 0.768%, which equates to a spread of 12bp over mid-swap. At around EUR 750 million, the order book was slightly oversubscribed.
NORD/LB Norddeutsche Landesbank makes measurable contributions to digitization and the global energy transition by way of its project financing operations. 2018 saw the bank arrange an overall volume of EUR 3.5 billion nationally and internationally for energy and infrastructure projects. This puts NORD/LB in the top 3 leading project financing banks worldwide in 2019 for wind and solar farms according to the prestigious Inspiratia industry portal’s ranking.
02.02.2019>NORD/LB welcomes DSGV model
The owners and Managing Board of NORD/LB Norddeutsche Landesbank welcome the decision of the German Savings Banks Association (Deutscher Sparkassen- und Giroverband (DSGV)) to contribute to a solution for strengthening NORD/LB’s capital. At today’s Owners’ Meeting, they considered the proposed decision, which was discussed at the meeting with the DSGV and banking supervisory authority on Friday, to be a suitable basis for NORD/LB’s realignment and for the further development of its business model. In further discussions with the DSGV and in coordination with the banking supervisory authority and the EU Commission, the outstanding issues are to be clarified quickly so that these measures can be implemented as soon as possible.
26.01.2019>NORD/LB: Next stage in bidding process
Regarding the bidding process for a minority participation in the bank, NORD/LB Norddeutsche Landesbank has today received a joint offer from two financial investors. NORD/LB had launched a formal bidding process in autumn 2018 and had received four offers from potential bidders after the first selection phase in December. On this basis, negotiations have been held in the past few weeks with investors on the main framework conditions of a participation and on strategic matters. At the same time, NORD/LB and its owners had signalled that they are open to participate in a possible solution within the German public banking sector as well.
NORD/LB Norddeutsche Landesbank can look back on a successful year for its capital market business in 2018. League tables compiled for the sector put the bank among the top five arrangers on the German Pfandbrief market once again. NORD/LB came in third in the ranking of banks involved in arranging issues by the German federal states. Turning to the international market, NORD/LB also made it into the top three for euro covered bond benchmarks in various countries.
Since the end of 2017 NORD/LB and its holders are working on a comprehensive concept for repositioning the Bank and strengthening its capital. This is intended to prepare the Bank for further increases in regulatory requirements and to permanently strengthen its crisis resilience and competitiveness. Various far-reaching options are currently being considered in this process. These include a formal bidding process currently in progress to create a basis for a possible participation by external investors.
Hamburg/Hanover, 30 November 2018 – The acquisition agreed at the beginning of the year of the asset management activities of NORD/LB Norddeutsche Landesbank Girozentrale by M.M.Warburg & CO (AG & Co.) KGaA has now been completed. The approvals and required resolutions were obtained as of 30 November 2018. Warburg Invest KAG mbH and NORD/LB Asset Management AG will merge their operations within a holding company. Upon entry into the commercial register, NORD/LB Asset Management AG will trade as Warburg Invest AG.
NORD/LB Norddeutsche Landesbank generated earnings before taxes and restructuring expenses of € 195 million in the first nine months of 2018. In the previous year, nine-month results were still dominated by extraordinary income from securities transactions and stood at € 436 million. Figures from the previous year can only be compared to a limited extent due to the introduction of the new IFRS 9 accounting standard. Consolidated profit after taxes stood at € 64 million after the first nine months.
NORD/LB Norddeutsche Landesbank has successfully arranged a project financing for the 475-megawatt Nysäter wind farm project in Sweden of around EUR 375 million. The wind farm project is one of Europe’s largest onshore wind farms and will be built jointly by E.ON and the Swiss in-vestment manager Credit Suisse Energy Infrastructure Partners (CSEIP), an experienced financial investor solely dedicated to the energy sector.
NORD/LB Norddeutsche Landesbank has concluded the Europe-wide bank stress test with a CET1 ratio of 7.07 percent in the adverse scenario. “NORD/LB’s stress-test result is therefore in line with expectations and did not turn up any surprises,” said Thomas Bürkle, Chairman of the Managing Board of NORD/LB. “The result reflects the fact that, as everyone knows, for the last few years we have been hedging risks from the shipping portfolio on a large scale. This was necessary and made sense but naturally it also impacts negatively on the Bank’s capital resources. The result is therefore at the same time clear confirmation of the capital-strengthening course we have embarked on together with our owners and which we are vigorously pursuing. The tender process launched in this context for potential investors is on schedule and looks very promising.”
The NORD/LB Group restructuring is entering the next phase. In November the Bank will initiate a further wave of voluntary staff reductions as part of its One Bank transformation programme. By streamlining internal lending processes and management support functions, some 430 posts are to be eliminated Group-wide by the end of 2020. As a result of the synergy effects achieved through the merger with the former Bremer Landesbank in the first phase that began in 2017, another 420 positions are being cut – primarily at the Bremen and Oldenburg locations.
NORD/LB Norddeutsche Landesbank concluded the first half of 2018 with earnings before taxes and restructuring expenses of € 68 million. In the previous year, the corresponding half-year results were characterised by extraordinary income from securities transactions and stood at € 468 million. However, figures from the previous year can only be compared to a limited extent due to the introduction of the new IFRS 9 accounting standard.
BayWa r.e. renewable energy GmbH (a subsidiary of BayWa AG) and NORD/LB Norddeutsche Landesbank have achieved financial close of a EUR 100m Construction Bridge Financing for Don Rodrigo photovoltaic solar park, located in the municipalities of Utrera and Alcala de Guadaira, near Seville, in Spain, one of the highest solar irradiation areas in the country.
NORD/LB Norddeutsche Landesbank is financing a solar farm in Hiroshima, Japan, for the project developer saferay GmbH, based in Berlin, Germany. The total capital investment is around 15 billion Japanese yen (JPY), equivalent to € 115 million.
NORD/LB executed a joint lead mandate in June for the first time for a syndicated European Union benchmark transaction. Set to mature in April 2033, the bond is targeted at institutional investors and was topped up by EUR 1.1 billion in this transaction. The total volume now stands at EUR 2.1 billion in all.
NORD/LB Norddeutsche Landesbank has won gold for the second time in a row at the Partnerships Awards 2018 which were held in the UK. The awards are presented each year by Partnerships Bulletin, one of the sector’s most renowned publications. This was the 20th time that the magazine has recognised the world’s best public private partnership (PPP) projects and players of the year.
11.06.2018>NORD/LB awarded "A" rating by DBRS
NORD/LB Norddeutsche Landesbank has been assigned a long-term "A" rating by rating agency DBRS. The "A" rating applies to both NORD/LB as an issuer and to its issued long-term unsecured bonds (senior debt). DBRS also assigned an “A” rating to NORD/LB’s deposits. In the rating scale used by DBRS, this score equates to "A2" from Moody‘s and "A" from Fitch. The short-term rating issued by DBRS was "R-1 (low)". All ratings have a positive outlook.
For the first time, NORD/LB Norddeutsche Landesbank structured and financed a solar farm portfolio in Denmark for the Danish project developer European Energy A/S. The portfolio will benefit (for approx. 70% of its revenues) from a fixed feed in tariff under Germany's Renewable Energies Act (EEG 2017). The pilot-tender for 50 megawatts (MW) with Denmark marked the first cross-border tender process conducted by the Bundesnetzagentur for electricity from renewable energies in Europe.
The Supervisory Board of NORD/LB Norddeutsche Landesbank took an early decision at its meeting today to renew the contract of the Chairman of the Managing Board Thomas Bürkle by two years, up to 31 December 2021.
NORD/LB Norddeutsche Landesbank concluded the first quarter of 2018 with earnings before taxes of € 68 million. After taxes, profit stood at € 43 million. Last year the first-quarter result reflected extraordinary income in the securities business and totalled € 295 million before taxes and € 248 million after taxes.
NORD/LB Norddeutsche Landesbank is financing its first social infrastructure investment in Ireland with Oaklee Housing, one of Ireland’s leading Approved Housing Bodies (AHBs), through an innovative debt financing structure. The investment volume is € 50 million which will be utilised to finance a series of property acquisitions for social housing use in the Republic of Ireland in conjunction with Oaklee Housing.
NORD/LB and Siemens Financial Services (SFS) have provided financing for the 39 MW Bosco Le Piane wind farm for Danish project developer European Energy A/S.
17.04.2018>NORD/LB returns to profit
NORD/LB Norddeutsche Landesbank concluded the financial year 2017 with earnings before taxes of € 195 million. Consolidated profit totalled € 135 million. In the financial year 2016, the Bank posted a loss before taxes of € 1.9 billion as a result of the marked intensification of the global shipping crisis.
Olof Seidel will assume the positions of Chief Financial Officer (CFO) and Chief Operating Officer (COO) of NORD/LB. As General Representative, he will take on the role of head for Finance/Tax, Group IT and other areas. He will report directly to Thomas Bürkle, the Chairman of the Management Board of NORD/LB. The bank’s Supervisory Board indicated its approval of this appointment at its meeting today. At the same time, it declared its intention to appoint Seidel as a member of the Managing Board once the required banking supervision conditions have been met. Seidel will assume his new post on 1 May 2018 and take over the tasks of Ulrike Brouzi, who is moving to the Managing Board of DZ Bank.
NORD/LB and the US global power generation firm InterGen are financing a 300-megawatt capacity natural gas-fired power station in Spalding, England. NORD/LB acted as Mandated Lead Arranger together with Santander UK plc. The investment volume is GBP 100 million.
NORD/LB Luxembourg Covered Bond Bank (NORD/LB CBB) issued on Tuesday a Luxembourg “Lettres de Gage publiques” Pfandbrief with a term of 3 years and a volume of US$ 650 million. This is the first US dollar issuance to be performed by NORD/LB CBB. The issuance makes US dollar funding available to the NORD/LB Group for the funding of its international lending business.
M.M.Warburg & CO (AG & Co.) KGaA and NORD/LB Norddeutsche Landesbank Girozentrale will pool their Asset Management activities into a single company. The new, medium-sized company with locations in both Hamburg and Hanover as well as assets under management and administration totalling more than EUR 34 billion will be one of the most important asset managers in Northern Germany. Operational management of the new company will be assumed by Warburg Bank, which will take a 75.1 per cent stake.
RES, ACOFI Gestion and NORD/LB Norddeutsche Landesbank have achieved financial close of the EUR 45.7m non-recourse project financing (including ancillary facilities) for Bois de Bajouve and Monts de l’Ain wind farms located in the departments of L’Ain and Puy-de-Dôme. ACOFI Gestion has acquired 100% of the projects from RES on behalf of its fund, Transition Energétique France. RES has developed the projects and has provided a turnkey solution for the construction period. In addition, RES will take care of the technical management during the operational period.
NORD/LB Norddeutsche Landesbank issued a large-volume credit portfolio transaction and thereby placed credit default risks with institutional investors. With this transaction, the bank added a further component to its capital-strenghtening strategy. It enables the bank to reduce its risk-weighted assets by around EUR 3.7 billion. This results in a positive effect on the CET 1 ratio, which is expected to rise at the end of the year to around 12 per cent.
NORD/LB Norddeutsche Landesbank achieved earnings before taxes of € 326 million in the first nine months of the current year. Consolidated profit after taxes totalled € 228 million. In the corresponding period of the previous year, the Bank posted a pre-tax loss of minus € 624 million.
NORD/LB successfully financed the 650 MW Markbygden project located in Norrbottens, North Sweden. The project will be the largest single onshore wind farm in Europe with a total investment of approximately EUR 800m. The project financing is close of EUR 500m and has been structured as a combination of commercial debt and development finance. NORD/LB acted as Mandated Lead Arranger and ECA advisor to the sponsors helping to structure the tranche covered by Euler Hermes. The total debt package was provided by the European Investment Bank, NORD/LB, KfW Ipex and HSH Nordbank. Euler Hermes is providing political and commercial risk insurance.
On Thursday, 28 September 2017 NORD/LB issued a benchmark public-sector Pfandbrief with a seven-year term and a face value of EUR 500 million. The order book already reached this volume just 30 minutes after opening in the morning. On closing at 11:00, the books had logged orders of over EUR 900 million altogether. Germany accounted for the largest share of placements at 76 percent.
The Research team at NORD/LB Norddeutsche Landesbank has once again achieved a top placement in an international ranking. The Fixed Income Research Survey 2017 conducted by the prestigious British financial market magazine Euromoney rated NORD/LB ninth in the Covered Bonds & Pfandbriefe category. This was the bank’s fourth consecutive year with a top-ten ranking among the world's best analysts. Last year saw NORD/LB with a successful tenth place in this category. The ranking is based on a global survey conducted among institutional investors.
NORD/LB Norddeutsche Landesbank concluded the first half of 2017 with earnings before taxes of EUR 409 million. Consolidated profit stood at EUR 271 million. The Bank was therefore able to expand the earnings before taxes of EUR 255 million achieved in the first quarter. In the first half of the previous year, the Bank posted a pre-tax loss of minus EUR 364 million.
14.08.2017>Merger of BLB with NORD/LB on 31 August
The merger of Bremer Landesbank (BLB) with Norddeutsche Landesbank (NORD/LB) will take place according to plan on 31 August 2017. The relevant decisions were taken by both institutions at the owners' meeting on Monday.
Frank Wulf becomes new head of the Aircraft Finance business division of NORD/LB. Wulf comes from DVB Bank, where he held various management posts from 1998 onwards. Based in London, Frank Wulf was Managing Director and Regional Head of Aviation Europe, Middle East & Africa for DVB from 2006 onwards. The 52-year-old with a degree in business administration has more than 20 years' experience in the structuring of complex financial agreements in aviation.
NORD/LB Norddeutsche Landesbank is this year's winner of the gold Partnership Award in the category Debt Provider of the Year. The awards are given annually by Partnerships Bulletin – one of the most prestigious magazines in the sector – in recognition of the worldwide best public private partnership (PPP) projects, this time for those of 2016. This was the 19th year of the awards which saw more than one hundred PPP projects from Europe, Africa, the Middle East, Australia and Asia submitted in 18 different categories. NORD/LB came out as winner ahead of international heavyweights such as Allianz Global Investors, Mitsubishi UFJ Financial Group or the Sumimoto Mitsui Banking Corporation Group. In its decision the jury mentioned, among other things, the fact that customers on both the public as well as private sector sides were extremely satisfied with their cooperation with NORD/LB.
NORD/LB Norddeutsche Landesbank concluded the first quarter of 2017 with earnings before taxes of EUR 255 million. Consolidated profit stood at EUR 214 million. In the first quarter of the previous year, the Bank posted a pre-tax loss of EUR 107 million.
NORD/LB Norddeutsche Landesbank has placed a further tranche of its “Northvest” loan portfolio transaction with institutional investors. The Northvest platform enables institutional investors to invest directly in the bank’s credit-based business model. In March 2014, the bank placed a securitisation tranche of its loan portfolio with institutional investors for the first time.
As announced in autumn 2016, NORD/LB Norddeutsche Landesbank closed the financial year 2016 with a significant loss. The consolidated loss was € 1,865 million before taxes and € 1,959 million after taxes. The loss was the result of a huge increase in the risk provisioning for ship financing, especially at subsidiary Bremer Landesbank (BLB). Overall the Group set aside € 2,940 million for ship financing risks in 2016, after € 840 million in the previous year. This was the Bank's reaction to the dramatic deterioration in the global shipping crisis over the course of 2016.
NORD/LB Norddeutsche Landesbank has presented a study on the devel-opment of Japan, this year's partner country to CeBIT Hanover. According to the study, Japanese Prime Minister Shinzo Abe's Abenomics has once again made a success model of the Japanese economy and established a foundation for sustainable growth. In 2016, GDP (Gross Domestic Product) in Japan grew by 1.0 per cent, led by a strong domestic economy as well as increasingly strong exports. In 2017, the Japanese economy is expected to grow by 1.4 per cent.
NORD/LB Norddeutsche Landesbank’s two Euroland analysts, Dr. Jens Kramer und Christian Lips, have taken first place in the Thomson Reuters/StarMine ranking for the accuracy of economic forecasts for the Eurozone. The Thomson Reuters news agency surveyed the forecasts made by over 60 financial institutions of key economic and financial indicators. Having already taken fifth place for their 2015 forecasts, the NORD/LB economists came out as best forecasters worldwide in the ranking for 2016. They were followed in second place by the analysts at the London-based financial institution Market Securities, with the analysts at BHF Bank coming in third.
On Wednesday, NORD/LB Norddeutsche Landesbank issued a EUR 500 million covered bond under Luxembourg law (lettres de gage publiques). This is a transaction of NORD/LB Luxembourg S.A. Covered Bond Bank (NORD/LB CBB), a wholly-owned subsidiary of NORD/LB which is currently the only issuer of lettres de gage benchmark bonds. The issue has a term of four and a half years.
NORD/LB Norddeutsche Landesbank is behind the financing of two wind farms for Danish project developer European Energy A/S. The project in the German federal state of Lower Saxony involves the existing Gilmerdingen wind farm in the Heide district, where the older turbines are being replaced by more efficient and more powerful units as part of a repowering programme.
NORD/LB Norddeutsche Landesbank concluded the first nine months of financial year 2016 with a consolidated loss before taxes of EUR 624 million. After taxes, the consolidated loss stood at EUR 736 million. This was mainly due to a further increase in risk provisioning for ship finance. With this, the bank is reacting to the further intensification of the global shipping crisis over the course of this year and responding to the lower forecasts from all relevant institutions. A disproportionately high share of the risk provisioning is due to ship finance provided by Bremer Landesbank (BLB). BLB will become a 100% subsidiary of NORD/LB at the turn of the year, though its results are already fully incorporated in the Group figures (as in previous years).
25.10.2016>NORD/LB issues 10-year Jumbo Pfandbrief
Monday saw NORD/LB issue a 10-year public-sector Pfandbrief with a face value of EUR 750 million.
NORD/LB Norddeutsche Landesbank has financed further solar rooftop projects in France and, in the course of this, has continued to collaborate with Danish fund manager OBTON A/S. The total financing volume for the three projects closed in 2016 together with OBTON amounts to € 48 million.
At its meeting this Friday, the Supervisory Board of the NORD/LB Norddeutsche Landesbank appointed Günter Tallner (54) as a new member of the Managing Board. Tallner will assume responsibility for the corporate customers business as well as for the Bank’s special finance business.
Christoph Dieng (48) will become the new Chief Risk Officer (CRO) on the Managing Board of NORD/LB Norddeutsche Landesbank. This was decided by the Bank’s Supervisory Board in its meeting this Friday.
The owners of Bremer Landesbank (BLB), Norddeutsche Landesbank (NORD/LB), the Free Hanseatic City of Bremen (FHB) and the Lower Saxony Association of Savings Banks (SVN) have, after intensive negotiations, reached agreement to the effect that BLB is to become a fully owned subsidiary of NORD/LB. To this end the FHB and SVN will sell their shares in BLB to NORD/LB. The future of BLB is thus secured.
NORD/LB Norddeutsche Landesbank closed the first half of 2016 with earnings before taxes of minus € 364 million. The consolidated loss after taxes totalled € 406 million. In the midst of a challenging environment, the Bank was able to maintain its good earnings position in practically all of its business segments. At the same time, due to the severe deterioration in the situation on the shipping markets, the Bank increased its risk provisioning from ship financing significantly. The increase in the risk provisioning is also partly due to the previously announced reduction in NORD/LB’s shipping portfolio, in which the Bank already has a number of initial successes to report. Since the end of 2015, the value of the shipping portfolio has been reduced from € 19.0 billion to € 17.9 billion.
NORD/LB Norddeutsche Landesbank and KKR Credit have reached an agreement by which, subject to completion of certain conditions precedents, KKR Credit, together with a sovereign wealth fund (the “Investors”), will acquire a portfolio of performing and non-performing shipping loans originated by NORD/LB.
NORD/LB Norddeutsche Landesbank and Talanx have jointly provided their support with project financing for two solar parks already in operation since 2010 close to the town of Cottbus in South Brandenburg. This marks the first opportunity for NORD/LB to work with the institutional investor Talanx. As part of this strategic cooperation, NORD/LB and investors of the Talanx Group jointly provided long-term loans upon financial close. NORD/LB handled the arrangement of project financing with the sponsors.
NORD/LB Norddeutsche Landesbank has steadily increased its business across the Group with renewable energies. The financing volume for renewable energies has increased in the last three years by around 21 per cent to € 9.3 billion. Wind energy accounts for the majority of the finance with around 76 per cent (€ 7.1 billion), while solar energy accounts for 14 per cent (€ 1.3 billion) and biogas plants for a further 10 per cent (€ 0.9 billion). These figures are revealed by the bank’s latest Sustainability Report, which covers all the relevant economic, social and environmental activities of the Group in the financial year 2015.
10.06.2016>Statement regarding Bremer Landesbank
NORD/LB, the Lower Saxony Savings Bank Association and the City of Bremen assume joint responsibility for keeping Bremer Landesbank's capital intact at an appropriate level.
NORD/LB Norddeutsche Landesbank closed the first quarter of 2016 with earnings before taxes of minus € 98 million. This was largely due to the situation in the shipping markets deteriorating again and the bank making a significant increase to its risk provisioning of € 435 million as a result. Consolidated profit totalled minus € 84 million. In the first quarter of 2015 the bank had achieved earnings before taxes of € 229 million.
NORD/LB Norddeutsche Landesbank finances the acquisition and operation of a roof-mounted solar power portfolio in France for Danish fund manager OBTON A/S. The overall financing volume amounts to EUR 22 million.
NORD/LB Norddeutsche Landesbank now provides its expertise in the management of foundation assets also in the form a fund solution. The Nordlux Pro – StiftungsPartner A fund combines predictable, regular distributions with the goal of asset maintenance for foundations. Foundation managers benefit from a direct line to the portfolio management team and additional advisory services. Due to its long-term, global investment strategy and low fees, the fund with an asset management character is also suitable for private investors.
In financial year 2015 NORD/LB Norddeutsche Landesbank achieved earnings before taxes of € 653 million, more than doubling the prior year’s result (€ 276 million). The same applies to the consolidated profit, which totalled € 518 million (prior year: € 205 million).
The Supervisory Board of NORD/LB Norddeutsche Landesbank appointed the bank’s current Chief Risk Officer, Thomas S. Bürkle, as the Chairman of the Managing Board with effect of 1 January 2017. Mr. Bürkle will take over from Dr. Gunter Dunkel, who has decided to retire at the end of the year.
NORD/LB Norddeutsche Landesbank has implemented a hybrid project financing transaction for renewable energies for the first time in Europe. This involved a structured bank loan in combination with long-term funds furnished by institutional investors. The financing enabled the acquisition of an operating wind power project in Ireland by leading developer and wind farm operator Gaelectric. Comprised of 16 turbines manufactured by Enercon (based in Aurich) with an overall capacity of 46 MW, the wind farm is located in County Kerry.
07.03.2016>Sandra Reich joins NORD/LB's Asia team
Dr. Sandra Reich, until now managing director of the Hamburg Stock Exchange and the Hanover Stock Exchange and member of the Executive Board of BÖAG Börsen AG – the parent company operating the two stock exchanges – is joining the management team at the Singapore branch of NORD/LB. She will be taking over there as head of the German Desk, which has the remit of assisting German companies in their business activities in Asia.
NORD/LB Norddeutsche Landesbank finances the construction and subsequent operation of a major wind farm in France for the Austrian energy producer WEB Windenergie AG (W.E.B). The overall financing volume amounts to EUR 63 million.
NORD/LB Norddeutsche Landesbank figures among the world's leading institutions in the financing of renewable energies. A new ranking by the internationally prestigious trade publication IJ Global – Project Finance & Infrastructure Journal puts NORD/LB in fourth place worldwide in the "Mandated Lead Arranger Renewables" category. The first three places are taken by Spain's Banco Santander followed by Japan's Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group. The top 10 of the ranking only includes one other German bank besides NORD/LB, namely Deutsche Bank in 6th place.
NORD/LB issued an uncovered bearer bond with a volume of EUR 750 million and five-year maturity on Wednesday. The previous day had seen investors invited to submit their expressions of interest. Within just a few hours it became apparent that the bank could reckon with subscription orders in an amount far beyond the EUR 500 million mark, which is the minimum volume required for a benchmark issue.
26.11.2015>NORD/LB improves business result
NORD/LB Group achieved earnings before taxes of € 630 million in the first nine months of 2015, which represents a significant increase on the profit of € 364 million for the same period of the previous year, while its consolidated profit totalled € 539 million (previous year: € 251 million).
Dieter von Holtzbrinck Ventures GmbH (DvH Ventures) – a subsidiary of Dieter von Holtzbrinck Medien GmbH – and NORD/LB Norddeutsche Landesbank are setting up a joint venture with the purpose of supporting and advancing business models in the sphere of modern financial technology.
NORD/LB is financing a wind farm in Finland for the Bremen-based project development firm wpd AG. The transaction involves an overall loan capital amount of around EUR 100 million, furnished in cooperation with Commerzbank. This is NORD/LB's first project financing deal for the Finnish market.
NORD/LB Norddeutsche Landesbank is providing the finance for the acquisition of two AgustaWestland AW139 helicopters by leasing company LCI Helicopters. The helicopters will be used to provide supplies to wind parks in the North Sea. The total asset value is in excess of $ 30 million (around € 27 million). This is the first time NORD/LB has provided finance in this asset class.
NORD/LB has topped up its “Northvest” credit portfolio transaction for institutional investors by an amount of €5.1 billion. Northvest offers institutional investors the opportunity to invest directly in the bank’s credit-based business model.
NORD/LB closed the first half of 2015 with a consolidated profit of € 290 million after taxes (previous year’s figure: € 243 million). Earnings before taxes totalled € 314 million (€ 348 million).
NORD/LB Norddeutsche Landesbank is augmenting its activities in Singapore and Shanghai in the interests of servicing and assisting its customers in the expansion of their Asian business activities. NORD/LB intends to achieve considerable growth in Asia in the years ahead, in particular with project financing in the spheres of energy and infrastructure, the financing of ships and aircraft as well as in the field of business with German SMEs. With a staff of 60 employees in the Singapore branch and 20 in Shanghai, NORD/LB is already the leading German Landesbank in Asia.
NORD/LB achieved earnings before taxes of € 229 million in the first three months of 2015, a significant improvement on the € 133 million achieved in the first quarter of the previous year. Consolidated profit totalled € 156 million in the first quarter of 2015 (first quarter of 2014: € 92 million).
28.04.2015>NORD/LB doubles earnings before taxes
NORD/LB Norddeutsche Landesbank achieved earnings before taxes of € 276 million in the financial year 2014 and thereby significantly increased its pre-tax profit. In 2013 its earnings before taxes had totalled € 140 million. Its consolidated profit after taxes totalled € 205 million in 2014. The previous year’s figure (€ 224 million) was boosted by a special tax effect. There was no change in the preliminary figures for the financial year 2014 published at the end of March.
NORD/LB increased its earnings before taxes significantly in the financial year 2014. According to provisional figures, it achieved a consolidated profit before taxes of € 276 million in 2014. In 2013 its earnings before taxes had totalled € 140 million.
NORD/LB provides a non-recourse financing for BayWa r.e. renewable energy GmbH for the construction and operation of a wind farm in the southern Italian region of Basilikata. The wind farm will have a total installed capacity of 46.2 megawatts (MW) when completed, includes an overall investment volume of around EUR 80 million and is the first wind farm to be financed by NORD/LB in Italy.
NORD/LB is currently probing the impacts of the moratorium on payments imposed by Austria's FMA financial supervisory authority in respect of liabilities of Heta Asset Resolu-tion AG (Heta) which is responsible for the liquidation of Hypo Alpe Adria Bank's assets. The moratorium is set for the period ending 31 May 2016 and applies to and for all of Heta's liabilities.
NORD/LB Norddeutsche Landesbank has issued a Public Sector Pfandbrief (Öffentlichen Pfandbrief) with a volume of € 500 million. The term of the issue is four years. Shortly after the order book was opened, it had been allocated and was closed again. After just 15 minutes, purchase orders had been received from institutional investors from eight nations with a volume of more than € 1 billion.
The Talanx Group, NORD/LB Norddeutsche Landesbank and Bankhaus Lampe cooperate in the area of Alternative Investments. Talanx will take a stake of 45 percent in investment service provider Caplantic Alternative Assets GmbH. The owners want to develop Caplantic into one of Germany’s leading service providers for Alternative Asset Management and Financial Solutions.
NORD/LB Norddeutsche Landesbank achieved earnings before taxes of € 364 million in the first nine months of the current year, while its consolidated profit totalled € 251 million. This was significantly higher than the previous year’s figure (€ 108 million before tax / € 112 million after tax).
NORD/LB Norddeutsche Landesbank has passed the EU-wide bank stress test convincingly. The bank’s scores for the Common Equity Tier 1 ratio of 10.93 per cent in the Baseline Scenario (minimum requirement: 8 per cent) and 8.77 per cent in the Adverse Scenario (minimum requirement: 5.5 per cent) were well above the respective minimum capital ratios.
NORD/LB Norddeutsche Landesbank achieved earnings before taxes of € 348 million in the first half of 2014, while its consolidated profit totalled € 243 million. The bank’s half-year earnings are therefore well above the previous year’s figures (earnings before taxes € 96 million, consolidated profit € 87 million).
NORD/LB Landesbank for Saxony-Anhalt has expressed satisfaction with the development of its business in the federal state. "We have further consolidated our market position in the region", as Dr. Hinrich Holm, member of the NORD/LB Managing Board, told journalists last Wednesday in Magdeburg. "We, in collaboration with the savings banks, have established ourselves as the premier address for financing solutions tailored to the specific needs of the regional SMEs". He added that 2013 and the first six months of 2014 not only generated pleasing results in the corporate business segment but also in NORD/LB's other spheres of activity in Saxony-Anhalt. This was particularly the case in agricultural banking and the financing of renewable energies. The slight drop of 1.5 percent in the bank's overall financing volume in Saxony-Anhalt was attributable to special effects in individual business segments, for example the improved financial situation among the municipal authorities.
NORD/LB Norddeutsche Landesbank has, together with ERGO Versicherungsgruppe, provided finance for the acquisition of a residential property portfolio by Gewobag Berlin in the amount of EUR 87 million. EUR 54 million of the loan is financed by ERGO with a fixed interest rate for 20 years. The residential housing portfolio comprises 1,058 residential and commercial units in Berlin, which Gewobag has integrated into its total portfolio of 58,000 residential units.
27.05.2014>NORD/LB starts 2014 with profit
NORD/LB achieved earnings before taxes of EUR 133 million in the first quarter of 2014, while the consolidated profit totalled EUR 92 million. NORD/LB closed the first three months of the previous year due to a significant increase in loan loss provisions with earnings before taxes of minus EUR 46 million. In 2013 as a whole NORD/LB achieved earnings before taxes of EUR 161 million.
NORD/LB Norddeutsche Landesbank has presented its first Group-wide Sustainability Report. The report covers the Group’s entire relevant economic, social and ecological performance for the financial year 2013.
NORD/LB Norddeutsche Landesbank increased its profit significantly in the financial year 2013. The Group achieved earnings before reorganisation and taxes of EUR 268 million, following EUR 131 million in the previous year, while its earnings before taxes totalled EUR 161 million (previous year: EUR 78 million). Due to tax revenue as a result of one-off effects, earnings after taxes totalled EUR 245 million (EUR 82 million).
NORD/LB Norddeutsche Landesbank has issued a subordinated bond with a volume of USD 500 million. The Tier 2 issue has a term of 10 years and was priced at the USD swap rate plus 333 basis points.
NORD/LB Norddeutsche Landesbank is offering institutional investors the opportunity to invest directly in the bank’s credit-based business model. In March it issued a securitisation tranche of an extensive credit portfolio comprising four asset classes from the books of NORD/LB.
NORD/LB Norddeutsche Landesbank is behind the financing for the German based STEAG New Energies GmbH of the construction and operation of the large-scale wind farm in Ullersdorf, located in the rural district of Dahme-Spreewald in the federal state of Brandenburg. The overall investment volume amounts to around EUR 86 million, making this one of NORD/LB's largest wind park financing projects to date in the German onshore market.
NORD/LB Norddeutsche Landesbank launched its second Aircraft Pfand-brief Benchmark with a volume of EUR 500 million, rated “A2” by Moody’s. Lead Managers were Commerzbank, DZ Bank, Société Générale, UniCredit Bank and NORD/LB. The Pfandbrief has a 5-year maturity and a spread of 22 bp over mid-swap. Books opened on Wednesday morning and closed at noon.
The Supervisory Board decided in its meeting on Monday to appoint Thomas S. Bürkle as the new Chief Risk Officer of NORD/LB. Mr. Bürkle is currently the Chairman of the Managing Board of Deutsche Hypothekenbank, a subsidiary of NORD/LB. He will take over from the outgoing Chief Risk Officer, Dr. Johannes-Jörg Riegler, on 1 January 2014.
NORD/LB Norddeutsche Landesbank achieved earnings before taxes of EUR 108 million in the first nine months of 2013, while its consolidated profit totalled EUR 112 million. In the first nine months of the previous year earnings before taxes totalled EUR 209 million and consolidated profit EUR 141 million.
NORD/LB achieved earnings before taxes of EUR 96 million in the first half of 2013, while its consolidated profit totalled EUR 87 million. In the first six months of the previous year earnings before taxes totalled EUR 131 million and consolidated profit EUR 67 million.
NORD/LB Landesbank for Saxony-Anhalt has further expanded its business with customers in the SME sector, and 2012 saw the bank's financing volume in corporate banking up by 3.4 percent to EUR 1,879 million (2011: EUR 1,817 million). The trend within the corporate customers segment was particularly positive in the sphere of agricultural banking, with business volume growth of 4.3 percent. Further focal spheres of NORD/LB's business activities in Saxony-Anhalt lie in the financing of residential housing, the arranging of capital market products for SMEs and involvement in major projects in the fields of renewable energies and public infrastructure.
NORD/LB Norddeutsche Landesbank and HSH Nordbank are providing project financing for a portfolio of four wind farms with a total capacity of 72 Megawatts (MW) located in the Nord-Pas-de-Calais and Picardie regions in northern France.
Caplantic Alternative Assets GmbH is a newly established company offering services for the management of alternative assets. This range of services includes the structuring, servicing and risk management of alternative investment products, with the focus on asset categories such as aircraft, renewable energies, real estate and infrastructure projects.
NORD/LB closed the first quarter of 2013 with a consolidated profit before taxes and reorganisation expenses of minus 30 million euros. The quarterly result was strongly affected by the significant increase in expenses for loan loss provisions in the amount of € 241 million, which were made primarily for ship financing. Consolidated profit after taxes totalled minus 32 million euros. In the first quarter of 2012 the bank had achieved a consolidated profit after taxes of 118 million euros.
The growth trend in agricultural banking business at NORD/LB is continuing at a healthy pace. Fiscal 2012 saw the bank's Agricultural Banking division register total lendings more than 10 percent up on the previous year's figures – thus consolidating the positioning of NORD/LB as Germany's leading finance provider in the agricultural sector.
NORD/LB closed the financial year 2012 with a consolidated profit before taxes and reorganisation expenses of EUR 129 million, while its consolidated profit after taxes totalled EUR 80 million.
NORD/LB and HSBC have cooperated on arranging a Floating Rate Assignable Loan (German „Schuldscheindarlehen“) denominated solely in US dollars in the amount of USD 70 million in all for the Neumann Coffee Group, headquartered in Hamburg and the world's leading service provider in the sphere of green coffee.
NORD/LB has taken over the project financing with a volume of approximately EUR 35 million for the "Krughütte" solar park located near Lutherstadt Eisleben in the German state of Saxony-Anhalt.
At its meeting today, Monday, 10 December 2012, the Supervisory Board of NORD/LB appointed Dr. Johannes-Jörg Riegler (48) as Deputy Chairman of the bank’s Managing Board.
NORD/LB achieved earnings before taxes of EUR 209 million in the first nine months of 2012, while its consolidated profit totalled EUR 141 million. In the same period of the previous year the bank reported earnings before taxes of EUR 385 million and a consolidated profit of EUR 262 million.
Last night, Jeff Koons’ sculpture “Tulips” from the NORD/LB art collection was sold. In an auction held at Christie’s in New York, the piece of art sold for the price of 33.7 million dollars (26.3 million Euro).
03.10.2012>Statement regarding EU Capital Exercise
NORD/LB notes the announcements made today by the European Banking Authority and Bundesanstalt für Finanzdienstleistungsaufsicht regarding the final assessment of the capital exercise and fulfilment of the EBA December 2011 Recommendation, which shows the following result for NORD/LB.
NORD/LB is expanding its activities in the federal German state of North Rhine-Westphalia. Thursday last week saw the official opening of the enlarged NORD/LB branch office premises situated on Düsseldorf's renowned Königsallee boulevard; this took place within the framework of a customer event attended by some 50 guests representing companies from all sectors of industry who made use of the occasion for personal on-the-spot talks.
NORD/LB achieved earnings before taxes of EUR 131 million in the first half of 2012. Consolidated profit totalled EUR 67 million. In the first six months of 2011 earnings before taxes totalled EUR 273 million and consolidated profit EUR 199 million.
A premiere for NORD/LB is its launch of Blue Rock as an innovative credit product referencing Infrastructure asset class and sold to an institutional client. Within the framework of the transaction a mezzanine tranche from a high-grade loan portfolio of 20 British infrastructure projects originated and financed by NORD/LB has been placed.
The EU Commission has as expected today approved the capital-boosting measures of NORD/LB. “This is final confirmation that NORD/LB meets the increased capital requirements of the EU in full and on time,” explains the Chairman of the Managing Board of NORD/LB, Dr. Gunter Dunkel.
NORD/LB Norddeutsche Landesbank issued the world’s first Aircraft Pfandbrief today. The Pfandbrief has a volume of 500 million Euros, five-year maturity and the spread was fixed with 55 basis points over mid-swap.
Joint press release of NORD/LB and Lower Saxony state government
02.07.2012>NORD/LB meets EU capital requirements
Core tier 1 capital to be increased by a further EUR 1.25 billion
NORD/LB Landesbank for Saxony-Anhalt has made a successful start into 2012, further expanding its business with corporate customers in the first quarter of the year. Growth in this sphere was above average, especially in the area of residential housing. Further key business activities of NORD/LB lie in agricultural banking and the financing of projects in the fields of renewable energies and public infrastructure.
NORD/LB achieved consolidated earnings before taxes of EUR 189 million in the first three months of the financial year 2012. In the first quarter of 2011 its earnings totalled EUR 125 million. Consolidated earnings after taxes rose to EUR 118 million (previous year's figure: EUR 76 million).
04.05.2012>NORD/LB establishes cultural foundation
NORD/LB Norddeutsche Landesbank is going to establish a cultural founda-tion headquartered in Hanover, Germany, that will bundle and intensify its funding of art and culture during the course of the year. In order to fund the foundation, the bank will part from the sculpture “Tulips” by Jeff Koons. The sculpture is planned to be sold at an international auction this autumn.
NORD/LB has registered significant profit growth in fiscal 2011, with a consolidated after-tax figure of EUR 536 million as against the previous year's level of EUR 314 million. The Bank's earnings before taxes rose to EUR 730 (2010: 319) million.
NORD/LB is participating in the financing of an installation vessel for offshore wind energy farms. Commissioned by the international provider of construction-related services HOCHTIEF, the "VIDAR" is a jack-up vessel being built at the Crist shipyard in Poland and scheduled to go into service from 2013 onwards.
NORD/LB has taken over the project financing for the "Turnow II" solar park in the municipality of Turnow-Preilack near Cottbus in the federal state of Brandenburg. This follows the bank's co-financing in 2009 already of the directly adjacent "Turnow I" solar park on the former "Lieberoser Heide" military exercise area.
NORD/LB Norddeutsche Landesbank is going to increase its Core Tier 1 capital. This will be largely achieved by restructuring existing silent participations. The bank will also retain earnings of several hundred millions. The package of measures will also include income from the sale of investments.
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