March 1, 2019 / 7:48 AM / 9 months ago

Japan's MUFG to buy German DZ Bank's aviation finance arm

FRANKFURT, March 1 (Reuters) - Japan’s Mitsubishi UFJ Financial Group has agreed to buy the aviation financing business of Germany’s No.2 lender DZ Bank.

MUFG Bank and BOT Lease, an affiliate of MUFG, have agreed to take on the entire aviation finance portfolio of DZ Bank unit DVB, which stood at 5.6 billion euros ($6.37 billion) in June 2018, DVB said in a statement on Friday.

Reuters reported in November that MUFG had emerged as the leading suitor for DVB’s aviation business.

DZ Bank had put individual tranches of its troubled transport financing division DVB up for sale after failing to find a buyer for the business as a whole. ($1 = 0.8797 euros) (Reporting by Arno Schuetze; editing by Tassilo Hummel)

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