DVB completes sale of 60% shareholding in TES Holdings

DVB Bank SE (“DVB”), the Frankfurt-based bank that specialises in transport finance, reported the completion of its sale of a 60% shareholding in TES Holdings Ltd, to two new shareholders, Mitsubishi Corporation, Tokyo, Japan (“MC”) and the Development Bank of Japan Inc. Tokyo, Japan (“DBJ”). MC and DBJ have acquired a 35% stake and a 25% stake respectively, in TES. DVB remains the largest stakeholder with 40% of shares. TES Aviation Group is active in several mainstream aircraft engine types and is headquartered in Bridgend, Wales, UK with regional franchise operations in both Asia and the US. The Company leverages its unique position by the effective use of a large pool of intellectual property derived from the management of a 600+ engine portfolio, to intelligently price, buy and manage assets in the market place, with the over-riding objective of managing risk and driving down the cost of engine ownership for its client base.