Aareal Bank AG announced that it has sold its entire shareholding in its Mannheim-based loan servicing subsidiary, Aareal Hypotheken-Management GmbH to VR Kreditwerk, an entity within the German cooperative banking sector. The parties have agreed not to disclose the terms of the sale.
"The signing of this agreement marks yet another major step towards leveraging our medium-sized corporate structure", said Dr. Wolf Schumacher, who has been Chairman of Management Board of Aareal Bank since April 2005, adding that "this part of the bank's comprehensive six-points realignment programme allows Aareal Bank to focus more strongly on its core international property lending business." As recently as November, Aareal Bank had announced the sale of its Aareal Hypotheken Vermittlungs GmbH subsidiary to Planet Home, a subsidiary of HVB.
Aareal Hypotheken-Management has been recognised as the German pioneer of the 'loan factory' concept. With around 250 staff located at its Mannheim headquarters and additional sites in Essen and Mainz, the company currently manages third party loan portfolios with an aggregate volume of 13.6 billion. Its range of outsourcing services covers all types of loan products.
Jointly owned by Bausparkasse Schwäbisch Hall AG and DZ Bank AG,
VR Kreditwerk Hamburg Schwäbisch Hall ("kreditwerk") has specialised in the industrial management of loans and building loan contracts, providing processing services to banks, building associations and property finance providers.
MDAX-listed Aareal Bank is a leading international property bank, focusing on global property lending as its core business. Aareal Bank Group has a local presence in 14 European countries, as well as in the USA and in Singapore providing property financing solutions to clients in more than 20 countries. Aareal Bank is also active in Consulting / Services and Property Asset Management.
Source: Aareal Bank