07:39 AM EDT, 06/17/2024 (MT Newswires) -- Deutsche Bank ( DB ) has agreed to buy a portfolio of about 1.67 billion euros ($1.79 billion) in aircraft financing from NordLB, which is leaving the sector to focus on its core businesses, NordLB said Monday.

Both parties have agreed to not disclose the purchase price, NordLB said.

After prevailing in a bidding process, Deutsche Bank ( DB ) will begin taking over the loans by the end of June, NordLB said. The sale is expected to close in H2 of 2024.

NordLB said it holds the remaining aviation portfolio of 1.1 billion euros, which it will be gradually phasing out.

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