This collection of frequently asked questions (FAQ) provides brief answers to many common questions about DVB. It also provides links to more detailed information available on this website. Your question has not been covered here? Please contact us via our contact form.
On 18 June 1923, DVB was established by several banks and industrial companies via the issue of a Memorandum and Articles of Association. The purpose of the Bank was to introduce a bankable practice for handling the freight payments and fee settlements of Deutsche Reichsbahn (German State Railway) in Germany. More background details on our corporate history are available in the DVB History.
The Bank employed 631 staff at its eleven office locations worldwide as at 31 March 2017, of which 52% worked in the Transport Finance/Investment Management business, 39% in service areas as well as 9% at our subsidiary LogPay Financial Services.
DVB maintains a global presence, operating out of offices in Frankfurt/Main, Amsterdam, Athens, Hamburg, London and Oslo (Europe), New York and Curaçao (North and South America), as well as in Singapore and Tokyo (Asia).
DVB is today the leading specialist in international transport finance. Prior to 1997, DVB was a small and barely profitable commercial bank with operations confined to Germany – yet it offered a wide range of services comprising diverse products such as the settlement of freight fees and bureaux de change, providing central bank services to cooperative 'Sparda' banks and payment services to corporate customers, alongside trading activities in the securities, money and foreign exchange markets as well as in foreign notes and coins and precious metals.
In 1997 DVB embarked upon a successful transformation into a commercial bank with an exclusive focus on international transport markets. Within the scope of this realignment, and up until the end of 2003, DVB withdrew from businesses that were no longer in line with its strategy. During the same period, the Bank expanded its core Transport Finance expertise: today, DVB is a leading specialist and renowned niche player in the international Transport Finance business. The Bank provides its international clients with integrated financial and consulting services in the Shipping, Aviation, Offshore and Land Transport sectors.
Key facts and figures on DVB’s business model are available in the strategy section.
On 11 June 2008, the Annual General Meeting of DVB Bank AG passed a resolution on the merger of the Bank’s Dutch subsidiary DVB Bank N.V. into DVB Bank AG, together with a change of the legal form of DVB Bank AG from a public limited company according to German law (Aktiengesellschaft) to a European public limited-liability company (Societas Europaea or SE). The merger and the change of the legal form were recorded in the Commercial Register on 1 October 2008, with retrospective effect from 1 January 2008.
This change has brought about an even more transparent and efficient structure for the Group (including streamlined internal processes and regulatory requirements), whilst the change in legal form reflects the Bank’s global market presence, as well as the international and multicultural composition of DVB’s staff.
German public limited companies are obliged by law to operate a management system comprising two governing bodies. In contrast, for a European public limited-liability company, the law provides for an option to choose between a single-board or a dual-board structure. When changing its legal form from a German public limited company to an SE, DVB opted to retain the dual-board structure. The structural aspects are set out in the Bank’s Memorandum and Articles of Association: in addition to the General Meeting, the company has two executive bodies – one managing the business (the Board of Managing Directors) and one supervising the management (the Supervisory Board). More details on the management system.
The Supervisory Board has determined the structure of remuneration for the Board of Managing Directors. Accordingly, the total remuneration of the Board of Managing Directors comprises a fixed and a variable component.
The fixed remuneration component comprises monetary remuneration components, pension commitments and special benefits. In 2016, it totalled €2,286,004.45 (previous year: €2,405,502.17).
Since the financial year 2016, the variable remuneration component of DVB Bank SE’s Board of Managing Directors has only comprised a cash bonus. In 2016, the Board of Managing Directors received payments of variable remuneration in the amount of €333,153.54 (previous year: €700,537.07, encompassing a pro rata payment from DVB’s Long-Term Incentive Plan).
More information is available on page 6 to 9 of the Corporate Governance Statement/Corporate Governance Report 2016 (available under Corporate Governance > Reports).
The HGB (German commercial code) requires companies to disclose personalised remuneration (and remuneration components) of members of the Board of Managing Directors in the financial statements and consolidated financial statements. Pursuant to sections 286 (5) and 314 (2) sentence 2 of the HGB, a company may waive such personalised disclosure of executive remuneration if the General Meeting adopts a resolution to that effect, with a qualified majority vote of no less than three-quarters of the share capital represented during the passing of the relevant resolution. By virtue of a resolution passed by the Annual General Meeting held on 23 June 2016 (agenda item no. 5), with the requisite majority of the share capital represented, DVB Bank SE has opted to waive the personalised disclosure of remuneration paid to members of the Board of Managing Directors for a period of five years.
The annual remuneration of Supervisory Board members is governed in Article 19 (1) and (2) of DVB Bank SE’s Memorandum and Articles of Association:
Total remuneration expenses paid by DVB Bank SE for members of the Supervisory Board amounted to approximately €428 thousand in the 2016 financial year.
More information is available on page 10 of the Corporate Governance Statement/Corporate Governance Report 2016.
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© DVB Bank SE 2017
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