Swiss Re, Deutsche Bank, Sal. Oppenheim and Gerling have today (7 May 2003) signed a contract reorganising the ownership of Gerling NCM.
Gerling will reduce its shareholding from 55.90% to 3.04%. It will receive a cash payment of Ђ120 million from Deutsche Bank and of Ђ60 million and the annulment of certain rights from Swiss Re.
On completion of the transaction, which is expected to close in summer 2003, subject to regulatory approval, the shareholders of Gerling NCM will be: Swiss Re 47.50%, Deutsche Bank 35.32%, Sal. Oppenheim 7.00%, Gerling NCM Pension Trust 7.14% and Gerling Beteiligungs-GmbH 3.04%.
In addition, Swiss Re and Deutsche Bank will underwrite Ђ55 million each of a Ђ110 million subordinated note to bolster Gerling NCM's capital base.