News
Valin Funds by IKB and Seer Capital closes Valin Funds Mittelstand Mezzanine 1 with a volume of € 105 million
IKB Deutsche Industriebank AG and Seer Capital Management LP have closed their first common fund: Valin Funds Mittelstand Mezzanine 1 (MM1). The fund has a target capitalisation of € 300 million, and as of the initial closing has a capitalisation of € 105 million. The fund will primarily invest in mezzanine loans to German Mittelstand companies with annual sales above € 50 million.
IKB returns last SoFFin guarantees
IKB Deutsche Industriebank AG has returned the last remaining € 350 million of the SoFFin guarantees early and repaid the SoFFin-guaranteed bond maturing on 2 February 2015.
IKB returns further SoFFin guarantees early
IKB Deutsche Industriebank has returned further SoFFin guarantees totalling € 400 million ahead of schedule. This relates to IKB’s SoFFin-guaranteed bond scheduled to mature on 2 February 2015, ISIN DE000A0SMPA3.
IKB Deutsche Industriebank: Half-yearly figures for the financial year 2012/13
- Consolidated net loss of € 78 million (H1 2011/12: € 312 million)
- New lending business satisfactory
- Tier I ratio 9.4%
- SoFFin guarantee framework reduced to € 750 million
- Financial reporting in accordance with HGB in future
- Sovereign debt crisis and Basel III remain significant risk factors
IKB reduces SoFFin guarantees to € 750 million
IKB Deutsche Industriebank AG has returned further SoFFin guarantees. The return in the amount of € 100 million relates to the bond ISIN DE000A0SMPB1 (scheduled to mature on 1 February 2013). This bond was thereby fully redeemed.
[Corporate News] IKB closes purchase programme for IKB Funding Trust I and IKB Funding Trust II
The IKB Group (IKB) has ended its purchase programme for the listed issues of IKB Funding Trust I, ISIN DE0008592759, and IKB Funding Trust II, ISIN XS0194701487 on 30 October 2012.
IKB returns further SoFFin guarantees early
IKB Deutsche Industriebank AG has returned further SoFFin guarantees ahead of schedule. The return in the amount of € 650 million relates to the bond ISIN DE000A0SMPB1 (scheduled to mature on 1 February 2013, FRN 3-month Euribor).
[Ad-hoc-release]Final extension of deadline for purchase programme for IKB Funding Trust I and IKB Funding Trust II
The IKB Group (IKB) is – for the last time – extending the acceptance period for the invitation to holders of the listed issues IKB Funding Trust I, ISIN DE0008592759, and IKB Funding Trust II, ISIN XS0194701487, to submit offers for sale until 30 October 2012.
IKB returns further SoFFin guarantees early
IKB Deutsche Industriebank AG has returned further SoFFin guarantees in the amount of € 250´million ahead of schedule.
[Ad-hoc-release]IKB extends deadline for purchase programme for IKB Funding Trust I and IKB Funding Trust II
The IKB Group (IKB) is extending the acceptance period for the invitation to holders of the listed issues IKB Funding Trust I, ISIN DE0008592759, and IKB Funding Trust II, ISIN XS0194701487, to submit offers for sale until 2 October 2012. This is subject to change.
IKB reduces SoFFin guarantee volume to € 1.75 billion
IKB Deutsche Industriebank today repaid the SoFFin-guaranteed bond (ISIN DE000A0SMN60) in the amountof € 2.0 billion and reduced the guarantee volume by the same amount.
IKB returns further SoFFin guarantees early
IKB Deutsche Industriebank AG has returned further SoFFin guarantees in the amount of € 250 million ahead of schedule due to its excess liquidity.
[Ad-hoc-release] Invitation to submit offers to sell IKB Funding Trust I and IKB Funding Trust II hybrid securities
The IKB Group (IKB) is today inviting holders of the listed Trust Preferred Securities issued by IKB Funding Trust I, ISIN DE0008592759, and IKB Funding Trust II, ISIN XS0194701487, to submit offers for sale.
Interim announcement as of 30 June 2012
The interim announcement covers the period from the start of the financial year on 1 April 2012 to 30 June 2012.
IKB returns further SoFFin guarantees early
IKB Deutsche Industriebank AG has returned further SoFFin guarantees in the amount of € 250 million ahead of schedule due to its excess liquidity. The amount returned relates to the bond ISIN DE000A0SMPA3 (scheduled to mature on 2 February 2015, FRN 3-month Euribor).
IKB: Results for the 2011/12 financial year
- European debt crisis leads to IFRS consolidated net loss of € 517 million (previous year: consolidated net profit of € 21 million) particularly as a result of fair value losses due to the crisis
- Consolidated net loss adjusted for extraordinary factors declines to € 58 million (previous year: € 140 million)
- Debt restructuring and credit event in Greece lead to HGB (German GAAP) net loss of € 255 million (previous year: € 190 million) for IKB AG
- Greek risks now disposed in full
- Tier I ratio of 9.4% for the IKB Group and 9.7% for IKB AG
- Low level of provisions for possible loan losses
- SoFFin guarantee volume reduced to € 4.25 billion and payments to the German Financial Market Stabilisation Authority reduced to € 102 million
[Ad-hoc-release] IKB AG decides for segment change from Regulated Market to quality segments of the Open Market
With approval of the Supervisory Board, the Board of Managing Directors of IKB Deutsche Industriebank AG decided to initiate a stock market segment change of all of its securities from the Regulated Market to quality segments of the Open Market.
IKB returns SoFFin guarantees early
After the regular repayment of € 1.1 billion on 13 March 2012, IKB Deutsche Industriebank AG returned an additional € 500 million in SoFFin guarantees ahead of schedule.
IKB Deutsche Industriebank: Interim announcement as of 31 December 2011
The interim announcement covers the period from the start of the financial year on 1 April 2011 to 31 December 2011.
IKB Deutsche Industriebank: 6-month figures for the 2011/12 financial year
At € 312 million, IKB Deutsche Industriebank recorded a higher consolidated net loss in the first half of the 2011/12 financial year (1 April to 30 September 2011) than in the corresponding period of the previous year (consolidated net loss of € 246 million). This was primarily due to the intensification of the financial crisis, which led in particular to a pronoun-ced widening of the risk premiums for almost all state debtors in the eurozone. Adjusted for extraordinary factors, a consolidated net profit of € 15 million was generated in the period under review (previous year: consolidated net loss of € 81 million).
[Ad hoc announcement] Settlement of legal proceedings between IKB, CA CIB and FGIC
Today a settlement agreement was signed by Crédit Agricole Corporate and Invest-ment Bank (“CA CIB”, formerly Calyon), Financial Guaranty Insurance Company (“FGIC”), IKB Deutsche Industriebank Aktiengesellschaft (“IKB”) and others.
IKB: Interim announcement as of 30 June 2011
As in the same period of the previous year, the first quarter of the 2011/12 financial year was dominated by the government debt crisis in Europe. In the eurozone, there was uncertainly due to the potential for further rescue measures for Greece in particular, as well as the risk of potential contamination for major euro member states, leading to a further increase in the risk premiums for governments and banks alike.
IKB returns SoFFin guarantees early
IKB Deutsche Industriebank AG has returned additional SoFFin guarantees totalling € 1.3 billion early. The guarantees returned comprise a volume of € 0.6 billion in the bond ISIN DE000A0SMN03 (maturing on 27 January 2012, 2.875%) and a volume of € 0.7 billion in the bond ISIN DE000A0SMN45 (maturing on 13 March 2012, 2.625%). Thus, current SoFFin guarantees for IKB amount to € 7.3 billion.
IKB begins process of buying back SoFFin-guaranteed bonds
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IKB: Results for the 2010/11 financial year
- Consolidated net profit (IFRS) of € 52 million (previous year: consolidated net loss of€ -967 million)
- Net loss at IKB AG (HGB) improves to € -190 million (previous year: € -349 million)
- Low level of provisions for possible loan losses
- Tier 1 capital ratios increase to 11.2% (Group) and 10.2% (IKB AG)
- EU conditions practically fulfilled
- Contracts with rating agencies terminated effective 30 June 2011
IKB Deutsche Industriebank: 6-Month Figures for the 2010/11 Financial YearIKB Deutsche Industriebank: 6-Month Figures for the 2010/11 Financial Year
- IFRS consolidated net loss reduced by more than 50% to € 233 million
- Significant reduction in provisions for possible loan losses
- Extraordinary factors with negative net effect of € 154 million
- Tier I ratio above 10%
- Growth in business with Mittelstand clients
IKB: Results for the 2009/10 financial year
- Consolidated net loss (IFRS): € 974 million
- Net loss for the year at IKB AG (HGB): € 349 million
- Strong opposing extraordinary effects impact consolidated income statement in the amount of € 464 million (net); measurement of equity and liabilities alone leads to losses of € 859 million
- Allowance for losses on loans and advances remains at high level
- Tier 1 capital ratios: 10.4% (Group) and 9.9% (IKB AG)
IKB International S.A.: Annual financial statements 2009/10 prepared – loss participation by silent partner contributions
The Board of Directors of IKB International S.A. has prepared the Bank’s annual financial statements for the 2009/10 financial year ended 31 March 2010 and submitted them to its General Meeting for approval. The preparation of the annual financial statements means that the conditions for calculating the loss participation of the silent partner contribution of IKB S.A. that ended on 31 March 2010 and the silent partner contribution due for repayment on 17 November 2010 have now been defined. These are explained below.
Ad-hoc Announcement pursuant to § 15 WpHG: IKB returns SoFFin guarantee of € 2 billion
At the request of IKB Deutsche Industriebank AG on 4 February 2010, the Special Fund for the Stabilisation of the Financial Market (Sonderfonds Finanzmarktstabilisierung – SoFFin) today ruled to reduce IKB’s guarantee from a total of € 12 billion to € 10 billion effective from 17 February 2010. IKB had filed for the reduction as the Bank’s liquidity situation has now stabilised.
Ad-hoc Correction pursuant to § 15 WpHG: Change in IFRS fair-value result as of 30 June 2009 and as of 30 September 2009
IKB Deutsche Industriebank AG’s Board of Managing Directors resolved on
1 February 2010 to reverse a positive effect of € 56 million which had previously been shown in the fair-value result as of 30 September 2009.
Ad-hoc Announcement pursuant to § 15 WpHG: Higher District Court in Düsseldorf confirms appointment of special auditor at IKB
The Higher District Court in Düsseldorf has dismissed IKB Deutsche Industriebank AG´s appeal against the decision of the District Court in Düsseldorf. The District Court had decided at the request of shareholders to appoint a special auditor to examine whether members of the Board of Managing Directors or the Supervisory Board at IKB were involved in violations of duty in connection with the causes of the crisis at IKB.
Six-month figures for financial year 2009/10
The consolidated net loss (after taxes) of IKB Deutsche Industriebank AG in the first half of FY 2009/10 (1 April 2009 to 30 September 2009) amounted to € -398 million (H1 2008/09: consolidated net profit of € 240 million). The loss is mainly due to the negative fair value result as the fair value gains on the assets side of the balance sheet were significantly exceeded by the fair value losses on the equity and liabilities side. Loan loss provisions also increased as anticipated. Significant gains were generated on the remeasurement of compensation agreements, some profit-participation certificates and silent partnership contributions. These were reported under other operating income.
Ad-hoc Announcement pursuant to § 15 WpHG: Six-month figures for 2009/10 of IKB
IKB Deutsche Industriebank AG is forecasting a consolidated net loss of € 398 million (IFRS) for the first half of the 2009/10 financial year (1 April 2009 to 30 September 2009). The loss is mainly due to the negative fair value result as the fair value gains on the assets side of the balance sheet were significantly exceeded by the fair value losses on the equity and liabilities side. Loan loss provisions also increased as anticipated. Significant gains were generated on the remeasurement of compensation agreements, some profit-participation certificates and silent partnership contributions. These gains are shown under Net other operating income.
Ad-hoc Announcement pursuant to § 15 WpHG: Special auditor appointed by court
The District Court in Düsseldorf has decided at the request of shareholders to appoint a special auditor to examine whether members of the Board of Managing Directors or the Supervisory Board at IKB were involved in violations of duty in connection with the causes of the crisis at IKB.
Ad-hoc Announcement pursuant to § 15 WpHG: Damages claim against IKB
CALYON has instigated proceedings against IKB in the High Court of Justice in London and claims inter alia damages in excess of US$ 1.675 billion. The Particulars of Claim were served on IKB on 24 August 2009 in the afternoon. IKB sees the action which includes an independent damages claim in connection with the proceedings brought by U.S. monoliner FGIC in March 2008.
IKB International S.A.: 2008/09 financial statements prepared – loss participation of silent partnership certificates
The board of directors (Verwaltungsrat) of IKB International S.A. finalised the preparation of the Luxembourg Bank’s annual financial statements for the 2008/09 financial year which ended on 31 March 2009 and forwarded them to the Annual General Meeting of Shareholders (Generalversammlung) for approval. Based on the financial statements, the loss participation of the silent partnership certificates (Stille Beteiligungen) in IKB International S.A. has been calculated, as specified below.
Ad-hoc Announcement pursuant to Sec. 15 of the German Securities Trading Act: Extended SoFFin guarantee for IKB – preliminary figures for financial year 2008/09
- Letter of intent by SoFFin to expand the scope of the guarantee by additional € 7 billion
- Preliminary consolidated loss (IFRS) € 580 million
- IKB AG posts preliminary annual loss of € 861 million (HGB)
- Loss participation of profit participation certificates, silent partnership certificates and Trust Preferred Securities
- Loss participation of silent participation certificates of IKB International S. A.
IKB posts preliminary figures for financial year 2008/09
- Preliminary consolidated loss (IFRS) € 580 million
- Results still impaired by heavy extraordinary effects
- Core business not profitable due to economic circumstances
- Restructuring progress ongoing
IKB AG with Preliminary figures for financial year 2008/09 – Loss participation of profit participation certificates, silent partnership certificates and Trust Preferred Securities
IKB’s Board of Managing Directors has prepared the preliminary figures for the financial year 2008/09 (1 April 2008 to 31 March 2009) for IKB AG pursuant to the German Commercial Code (HGB). All the figures stated below have not yet been formally stated by the Board of Managing Directors or audited and remain preliminary until approved by the Supervisory Board.
Change in the IKB Board of Managing Directors
Dr. Reinhard Grzesik, member of the Board of Managing Directors of IKB Deutsche Industriebank AG, will be leaving the Board of Managing Directors of IKB for personal reasons at his own request as of 30 June 2009.
Change in Supervisory Board candidature
At the extraordinary General Meeting of IKB Deutsche Industriebank AG on 25 March 2009, Dr. Karl-Gerhard Eick will not be a candidate for election as a member of the Supervisory Board as had originally been intended.
Ad-hoc Announcement pursuant to § 15 WpHG: Considerable earnings charge as a result of the financial market crisis
From today’s perspective, the 2008/09 annual result (1 April 2008 to 31 March 2009) of IKB AG in line with the German Commercial Code (HGB) will be in the range of minus € 600 million. After loss participation from profit participation certificates and silent partnerships the balance sheet deficit will be about minus € 400 million. The current worsening of the results expectation is due to resolutions on a further reduction of risks on the IKB balance sheet and a reassessment of the necessary provisions for possible loan losses for the whole financial year.
Invitation to an extraordinary General Meeting
Upon the request of the shareholder LSF6 Europe Financial Holdings, L.P., Dallas (USA), the Board of Managing Directors of IKB Deutsche Industriebank AG has invited its shareholders to an extraordinary General Meeting on 25 March 2009.
IKB announces new member of the Board of Managing Directors responsible for sales & marketing
In its meeting held today, the Supervisory Board of IKB Deutsche Industriebank appointed Dr. Michael H. Wiedmann (44), previously Managing Director of investment banking at Morgan Stanley in Frankfurt, to the IKB Board of Managing Directors from 1 March 2009. Wiedmann succeeds Dr. Andreas Leimbach, who departed from the Bank on 1 February 2009.
Change in the IKB Board of Managing Directors
Dr. Andreas Leimbach, Member of the Board of Managing Directors of IKB Deutsche Industriebank AG, is leaving the Bank for personal reasons at his own request as of 31 January 2009.
IKB: 6-month figures for 2008/09 as of 30 September 2008 – Changes in the Supervisory Board
In the first six months of the financial year 2008/09 (1 April to 30 September 2008), the consolidated results of IKB Deutsche Industriebank amounted to € 250 million (H1 2007/08: € 965 million).
Ad-hoc Announcement pursuant to Sec. 15 of the German Securities Trading Act: IKB receives Guarantees from the Special Fund for the Stabilization of the Financial Market
The Special Fund for the Stabilization of the Financial Market (Sonderfonds Finanzmarktstabilisierung – SoFFin) authorises guarantees to IKB in an amount of up to € 5 billion to guarantee the repayment of bonds to be issued by IKB in the future. The guarantees have been authorised by the EU Commission today.
Ad-hoc Announcement pursuant to Sec. 15 of the German Securities Trading Act: IKB issues subordinated convertible bonds – transfer of portfolio investments to SPV – significant impacts on results
The Board of Managing Directors of IKB Deutsche Industriebank AG –with the consent of the Supervisory Board – today resolved to issue subordinated convertible bonds in an amount of up to € 123.75 million. IKB expects that Lone Star will fully subscribe the portion of convertible bonds which will not be subscribed by the shareholders of IKB by exercising their pre-emptive rights. The purchase of the convertible bonds forms part of the announced increase in the own funds of IKB by Lone Star in an aggregate amount of € 225 million.
Ad-hoc-Announcement pursuant to Sec. 15 of the German Securities Trading Act: Positive IFRS valuation effects of € 1.0 billion in total in Q2 2008/09
The IFRS group interim financial statements of IKB Deutsche Industriebank AG for the 2nd Quarter 2008/09 (1 July until 30 September 2008) will include positive valuation effects of presumably € 1.0 billion in total based on preliminary calculations. In the first Quarter 2008/09 similar valuation effects resulted in a loss of € 0.5 billion; thus, for the first half year 2008/09 the valuation effect is + € 0.5 billion.
Ad-hoc-Announcement pursuant to Sec. 15 of the German Securities Trading Act: IKB: New Chairman of the Supervisory Board and new CEO
Today the Supervisory Board of IKB elected Mr Bruno Scherrer (39), Head of European Investments and Senior Managing Director of the US Investor Lone Star, Chairman of the Supervisory Board. Moreover, the Supervisory Board appointed Mr Hans Jörg Schüttler (53), formerly CEO Asia and until 2006 CEO Germany of the Investment Bank Morgan Stanley, new Chairman of IKB’s Board of Managing Directors with effect of 1 November 2008.