December 10, 2013
Commerzbank sells stake in KGAL
The shareholders of KGAL – Bayerische Landesbank, Commerzbank, HASPA Finanzholding and Sal. Oppenheim – have sold nearly 90% of their shares in KGAL GmbH & Co. KG, which specialises in fund and asset management, to the two private investors Francis Louvard and Gregory Ingram. Commerzbank originally held 45% of the shares in KGAL. It has been agreed that confidentiality be maintained on the purchase price and other details of the transaction. The transaction is still subject to the approval of the relevant authorities. Francis Louvard and Gregory Ingram have many years of experience in international asset management. They are pursuing a long-term strategy and intend, therefore, to continue the growth plans of KGAL with its focus on the asset classes real estate, infrastructure and aircraft.
The KGAL Group is a leading asset manager for tangible assets, specialising in real estate, aircraft and renewable energy. The company manages total assets of approximately EUR 25 billion.
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Press contact:
Nils Happich +49 69 136 44986
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About Commerzbank
Commerzbank is a leading bank in Germany and Poland. It is also present worldwide in all markets for its customers as a partner to the business world. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, it offers its private and corporate customers as well as institutional investors the banking and capital market services they need. With some 1,200 branches Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts nearly 15 million private customers, as well as 1 million business and corporate customers. In 2012, it generated revenues of just under EUR 10 billion with approximately 56,000 employees on average.
