To ensure its financial flexibility and independence, REWE Group has signed a syndicated credit line with a consortium of banks including Commerzbank, DZ Bank, ING and SEB, totalling €1bn.
"This line supplements an existing credit line of €2bn, which runs until 2024 as an undrawn reserve line," said Dr. Christian Mielsch, CFO of the REWE Group. “REWE Group can use the new credit scope flexibly within the next 15 months. Thanks to this measure, our company currently has a total liquidity reserve of more than €2.5bn and is thus equipped for all possible financial challenges that may arise from the crisis. We were very pleased with the high level of support through which our core banks expressed their confidence in the financial strength and business strategy of the REWE Group."
REWE Group is one of the leading retail and tourism groups in Germany and Europe. In 2018, the company generated total external sales of over €61bn. The REWE Group, founded in 1927, is present in 22 European countries with more than 360,000 employees.
