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DVB Bank SE

EANS-News: DVB Bank, Mitsubishi Corporation (UK) and Engine Lease Finance Corporation enter into new engine leasing venture

Frankfurt am Main (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Joint Ventures/Cooperation/Collaboration
DVB Bank SE (DVB), the
Frankfurt-based bank that specialises in transport finance, 
Mitsubishi Corporation (UK) Plc (MCUK), the London subsidiary of 
Mitsubishi Corporation (MC), the global trade and investment company 
and Engine Lease Finance Corporation (ELF), the world´s largest 
independent aero-engine lessor, have formed a joint venture company, 
Deucalion MC Engine Leasing Limited, incorporated in Ireland, for the
purpose of investing in commercial aircraft engines subject to leases
with airlines worldwide.
The joint venture company has completed its first portfolio 
acquisition, consisting of seven commercial aero engines which were 
acquired from ELF during December 2009 and March 2010. The portfolio 
comprises IAE V2500, CFM56-5/-7 and CF6-80 engine types on operating 
leases with carriers from Europe, the Middle East, Asia and the 
Americas.
The leases range in term from one to four years and have a staggered 
maturity profile. ELF retains lease management and remarketing 
responsibility.
Under the terms of the agreement, DVB and MCUK are the joint senior 
debt providers and Deucalion funds (managed by DVB´s Group Investment
Management team in London), MCUK and ELF are equity providers. DVB´s 
engine management subsidiary, TES Aviation completed the pre purchase
due diligence on behalf of the joint venture partners.
Bertrand Grabowski, Member of the Board of Managing Directors of DVB 
and responsible for Aviation commented, "We are delighted to have 
concluded this new joint venture vehicle which represents our first 
such collaboration with Mitsubishi Corporation (UK) Plc and our third
with Engine Lease Finance Corporation. Our previous collaborations 
have proved to be very successful and we fully expect this new 
venture to be equally so. This new venture continues the Bank´s 
strategy of investing in the aero engine sector, giving it an 
ownership interest through the Deucalion funds in a total of 24 aero 
engines on leases worldwide. This is in addition to its successful 
acquisition of the TES Aviation business in 2007."
Katsuaki Morooka, General Manager of the Industrial Finance, 
Logistics and Development Division in MCUK, added, "We are very 
excited to be able to start this new business platform with ELF and 
DVB Bank in Europe. MC is currently running an aircraft leasing 
business in Dublin and we believe that this joint venture will give a
new and progressive perspective to our airline business in this 
region. We hope the project will go from strength to strength and 
grow with the support of our partners."
Jon Sharp, President and CEO of ELF stated, "We are pleased to have 
established a new partner in Mitsubishi Corporation (UK) Plc and 
believe that our affiliation with them will reflect the excellent 
collaboration we have with Deucalion and DVB, with whom we now have 
concluded our third such transaction. Our intentions towards our 
partnerships are always long-term driven and we look forward to 
achieving more together."
Note to Editors:
DVB Bank SE, headquartered in Frankfurt/Main, Germany, is the leading
specialist in the international Transport Finance business. The Bank 
offers integrated financing solutions and advisory services in 
respect of Shipping Finance, Aviation Finance and Land Transport 
Finance. TES Aviation, a subsidiary of DVB, is an aircraft engine 
asset management organization, offering engine management consultancy
services, engine disassembly, part-out and materials procurement, to 
owners and operators of aircraft engines. www.dvbbank.com 
www.tes-uk.com
Mitsubishi Corporation (UK) Plc is the London subsidiary of 
Mitsubishi Corporation. Based in Tokyo, Japan, it is a general 
trading company with over 200 bases in Japan and approximately 80 
countries covering a wide range of commercial business sectors. As 
one of the world's most diverse business enterprises, Mitsubishi 
Corporation works closely with its global clientele to develop new 
businesses through project coordination, sourcing of raw materials, 
capital investments and the development of sales and marketing 
channels. www.mitsubishicorp.com/gb/en/
Engine Lease Finance Corporation is the world´s leading spare engine 
financing and leasing company, specialising in the provision of 
flexible medium to long-term spare engine packages for the airline 
industry. Headquartered in Shannon, Ireland, ELF is owned by BTMU 
Capital Corporation of Boston, USA, which is itself owned by The Bank
of Tokyo-Mitsubishi UFJ, Ltd., one of the world´s largest financial 
institutions. The current ELF engine leasing portfolio (owned and 
managed) exceeds 200 engines, with a total value approaching $1.5 
Billion. www.elfc.com
For further information on the project, please contact:
DVB Paul Da Vall, Senior Vice President, Group Investment Management,
Phone +44 (0) 20 7618 9728,  paul.davall@dvbbank.com
MCUK Katsuaki Morooka, General Manager, Industrial Finance, Logistics
and Development Division, Phone +44 (0) 20 7025 3088,  
katsuaki.morooka@mitsubishicorp.com
ELF Jon Sharp, President and Chief Executive Officer, Phone +44 (0) 
7785 314295,  jon.sharp@elfc.com
For Corporate Communications, please contact:
DVB Prof. Dr. Borislav Bjelicic, Corporate Communications, Phone + 49
(0) 69 9750 4390,  borislav.bjelicic@dvbbank.com
MCUK Julie Rogers, Corporate Communications, Phone +44 (0) 20 7025 
3034, Fax +44 (0) 20 7025 3029,  julie.rogers@mitsubishicorp.com
end of announcement                               euro adhoc

Further inquiry note:

Prof. Dr. Borislav Bjelicic, Corporate Communications
Phone + 49 (0) 69 9750 4390, borislav.bjelicic@dvbbank.com

Branche: Banking
ISIN: DE0008045501
WKN: 804550
Börsen: Stuttgart / free trade
Düsseldorf / free trade
Frankfurt / regulated dealing/general standard

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