Nord/LB's global head of aviation Frank Wulf said his time at the bank “will come to an end” as this month closes after “the successful transition of the aviation lending book to Deutsche Bank”, Wulf said in a LinkedIn post.
The departure comes after the bank last year announced it was exiting aviation financing, selling its €1.67bn portfolio to Deutsche Bank, with the remaining €1.1bn portfolio gradually being phased out. The transaction was expected to be finalised in the second half of last year.
“Even though I am immensely grateful for seven wonderful years at the helm of a fantastic team, this is also a very emotional moment for me as it marks the end of an era that started more than 40 years ago and which saw Nord/LB quickly develop into one of the world’s leading providers of secured aircraft financing,” he stated in the post.
He noted how the bank closed “even the most complex transactions” during his tenure, as well as weathering the storm of various crises over the past four decades. “Even though these crises caused some damage,” he continued, “it has been impressively demonstrated over and over again how resilient aviation is to external shocks and how quickly the industry recovers even from extreme blows.”
Wulf said he is taking some time off as he deals with personal matters and to consider options going forward.