Aareal holdings

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  Aareal Beteiligungen AG
Seat Frankfurt am Main
legal form Corporation

Template: Infobox_Kreditinstitut / Maintenance / ID is missing

The Aareal Beteiligungen AG is a wholly owned subsidiary of Aareal Bank , based in Frankfurt am Main. Today's company has no operating business, but previously worked as Corealcredit Bank (until 2015) or AHBR - Allgemeine Hypothekenbank Rheinboden (until 2007) as a real estate financer or mortgage bank.

history

Corealcredit Bank AG emerged in 2001 from the merger of the two traditional mortgage banks Allgemeine Hypothekenbank AG and Rheinboden Hypothekenbank AG. The bank initially traded as Allgemeine Hypothekenbank Rheinboden AG (AHBR) and changed this name to Corealcredit Bank in 2007 after a fundamental strategic realignment. In 2014 Corealcredit Bank was taken over by Aareal Bank .

Rheinboden Hypothekenbank (Rheinboden)

Share over 1000 marks in the Rheinisch-Westfälische Boden-Credit-Bank from January 1, 1905

Until 2001, Rheinboden was a private mortgage bank based in Cologne. The institute was founded on January 26, 1894 under the name Rheinisch-Westfälische Boden-Credit-Bank by a 29-member banking consortium in Cologne and started business in the same year. A. Schaaffhausen'sche Bankverein was significantly involved in the establishment . The legal form was the stock corporation , even if this did not appear in the original name.

Only later was the name added to the legal form. Rheinboden was generally used as an abbreviation, especially in banking circles . This corresponded to the short name of other mortgage banks , such as Südboden (Süddeutsche Bodencreditbank AG), Westboden (Westdeutsche Bodenkreditanstalt Cologne) or Centralboden (Deutsche Centralbodenkredit-Aktiengesellschaft, Berlin, later Cologne), which today no longer exist as independent banks as a result of mergers. By resolution of the general meeting on May 3, 1989, the name was changed to Rheinboden Hypothekenbank AG the following year. For decades, the bank belonged to the sphere of influence of the Sal. Oppenheim bank in Cologne, which held the majority of shares partly directly and partly through other holdings (e.g. majority stake in Colonia National from 1969). A group relationship with Sal. Oppenheim was established in 1971; Sal. Oppenheim itself held the majority of Rheinboden from 1992.

General Mortgage Bank (AHB)

Allgemeine Hypothekenbank AG (AHB) was founded in Cologne on March 8, 1962 with a capital of DM 8 million. Major shareholders at the time of the establishment were the union's own Bank for Community Economy (BfG) and Allgemeine Finanzberatung Allfina, Cologne. In 1964 the head office was relocated to Frankfurt am Main and Cologne became a branch. In 1971 the company moved to its first own bank building. In 1987 and 1988, the then major shareholders BfG and Volksfürsorge sold their shares to the Beteiligungsgesellschaft für Gemeinwirtschaft (BGAG) , later renamed the Beteiligungsgesellschaft der Unions AG. On April 1, 1996, the BHW Group took over management of the AHB through a voting pool agreement with BGAG.

At the end of the 1990s, the AHB appeared on the capital market as an important address in the Jumbo Pfandbrief market, especially when it came to issuing public Pfandbriefe to refinance public finance transactions . In January 1999, the institute was the first German mortgage bank to issue a Jumbo Pfandbrief in euros, followed in August 1999 by the issue of a Euro Jumbo Pfandbrief for EUR 5 billion, and in April 2000 the AHB issued the first e-Pfandbrief, the could be drawn via special internet platforms. Also in 1999 and 2000, AHB built up the international real estate lending business and opened offices in London, Paris, Madrid and Amsterdam. The New York and Milan locations later followed under the name AHBR.

Allgemeine Hypothekenbank Rheinboden (AHBR)

In 1999, the AHB took over 25.1% of the share capital of Rheinboden, until May 2000 it had a total of 87.3% of the shares. On July 1, 2001, Rheinboden was merged with AHB. The merged bank operated under the name Allgemeine Hypothekenbank Rheinboden AG (AHBR). AHBR remained in the BHW Group. The bank positioned itself as a classic mortgage bank with the business areas of public finance as well as commercial (national and international) and private real estate finance.

However, in 2001/02, with the onset of the real estate crisis in Germany and burdens from the derivatives portfolio and increased refinancing costs, AHBR got into difficulties, from which it was unable to free itself despite multiple recapitalizations by BGAG and BHW. When further losses threatened at the end of 2004, AHBR was classified as systemically relevant by BaFin , which urgently demanded further recapitalization; as a result, BGAG initiated the sales process for BHW and AHBR in early 2005. On October 25, 2005, it became publicly known that BHW, which had previously exercised the entrepreneurial management of AHBR, was to be sold to Deutsche Postbank AG , contrary to original plans, detached from the AHBR risks ; the crisis came to a head when the Pfandbrief market then showed signs of concern and individual securities could no longer be traded. In order to ensure the liquidity of the Pfandbrief market, AHBR had to be supported by a liquidity umbrella of 2.5 billion euros under the guidance of BaFin, which the five leading German private large banks made available in equal parts at short notice.

In December 2005, LSF5 German Investment LP , an investment fund of the American financial investor Lone Star , took over the majority of shares in AHBR; the buyer was largely released from past losses. In January 2006 the Lone Star share rose to 87.9%. Lone Star Germany boss Karsten von Köller became the new CEO of the bank in December 2005. With effect from October 1, 2006, Claus Nolting succeeded him as CEO. In January 2006, the bank started a comprehensive restructuring, the aim of which was to concentrate on the core business of commercial real estate financing in Germany, to reduce costs and to reduce legacy issues. In July 2006, the international business (originally approx. 3.5 billion euros) and by mid-2008 the portfolio of private real estate financing (originally approx. 10 billion euros) were sold to other banks.

Corealcredit Bank

In October 2006, the bank's new business model was launched under the Corealcredit brand. On August 6, 2007, the bank itself changed its name to Corealcredit Bank. In the same year, the bank completed the major part of the restructuring and, after two years of losses, achieved the economic turnaround with a positive annual result. After Lone Star had increased its stake to 99.93% by August 2007, the main shareholder initiated the squeeze-out procedure in November 2007 . This was resolved on January 4, 2008 by an extraordinary general meeting of the bank and took effect on June 23, 2009 when it was entered in the commercial register.

Acquisition by Aareal Bank

The shareholder of the bank LSF5 German Investments announced in December 2013 that he would sell his 100 percent stake to Aareal Bank . The transaction was completed on March 31, 2014. In 2015, the boards of directors of Aareal Bank and Corealcredit Bank decided to split off their operational banking business and integrate them into the parent company. Corealcredit then became a subsidiary without any operating business, and its previous location in Frankfurt became a branch of Aareal Bank. On June 17, 2015, the company's name was changed to “Aareal Beteiligungen AG”.

Web links

Individual evidence

  1. ↑ Returning home in a roundabout way . In: The time . No. July 29 , 1971 ( zeit.de ).
  2. ↑ Walther Weber: The fourth major bank is completely different . In: The time . No. May 19 , 1964 ( zeit.de ).
  3. ↑ enterprises . In: Die Zeit , No. 49/1962
  4. ↑ Markus Frühauf: The unions had to bleed for the difficulties of the AHBR. Series of articles about financial scandals. FAZ, April 25, 2009, accessed on February 11, 2015 .
  5. ↑ Balzli, Beat and Pauly, Christoph: The Jumbo Crisis. In: 47/2005. Der Spiegel, November 21, 2005, accessed on February 11, 2015 .
  6. ^ Leo Cremer: From universalist to specialist . In: Real Estate & Financing . No. 14 , July 15, 2010, ISSN  1618-7741 , p. 474–475 ( kreditwesen.de ).
  7. ↑ Name change of COREALCREDIT BANK AG completed. (No longer available online.) Corealcredit Bank, August 7, 2007, archived from the original on September 23, 2015 ; Retrieved August 20, 2015 .
  8. ↑ Squeeze-out completed: COREALCREDIT is 100 percent owned by Lone Star. (No longer available online.) Corealcredit Bank, June 23, 2009, archived from the original on September 23, 2015 ; Retrieved August 20, 2015 .
  9. ↑ COREALCREDIT receives Aareal Bank Group as the new owner. (No longer available online.) Corealcredit, December 22, 2013, archived from the original on January 1, 2014 ; Retrieved December 31, 2013 (press release).
  10. ↑ Changes in the Management Board of COREALCREDIT BANK AG. (No longer available online.) Corealcredit April 1, 2014, archived from the original on February 10, 2015 ; Retrieved July 8, 2014 (press release).
  11. ↑ press release. ( Memento of March 4, 2016 in the Internet Archive ) Retrieved May 1, 2015.

Coordinates: 50 ° 7 ′ 17.6 ″  N , 8 ° 40 ′ 16.6 ″  E