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Exclusive: BayernLB exits aircraft and ship finance after political pressure, other Landesbanks may follow
20 March 2009
Key German bank formally moves out of aircraft and ship finance, real danger that other Landesbanks will follow Bayerische Landesbank and focus on local lending.
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BayernLB
Bayerische Landesbank
Landesbank
aircraft finance
ship finance
BayernLB has taken a decision to close its aircraft and shipping finance business following political pressure to focus on domestic lending.
After providing $10 billion in equity, the Free State of Bavaria effectively owns 95% of the bank and wants it to support local borrowers rather than international customers. It is also planning to close offices in Shanghai, Hong Kong and Milan, as well as cutting staff in London, Paris and New York.
The aircraft finance team were told of...
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