Annual Report 2002 (pdf, 1319K) - WestLB

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22 Specialised Finance PROJECT FINANCE: LEADING POSITION IN THE WORLD MARKET MAINTAINED 5.7 4.9 Source: Capital DATA Projectware 3.4 5.0 2.0 Lending volume (€ billions) 4.2 World market share (%) 2000 2001 2002 Specialised finance, one of WestLB’s strategic businesses, was characterised by mounting risks in key industries in 2002. Thanks to an optimised risk structure we were able to strengthen and even expand our strong market positions in numerous business segments. Within the bank, we continued to pool our specialised finance expertise and also added new experts to our team. In addition to project finance, leveraged finance, structured leasing, export and transport finance, our Global Specialised Finance business unit now also offers asset securitisation products, commodity finance and forfaiting. Market Position in Project Finance Maintained The slump in investment activity, particularly in the U.S. energy sector, was the major force affecting the global project finance market in 2002. With a world market volume of € 48.3 billion (2001: € 96.6 billion), we arranged project financing transactions with a volume of € 2.0 billion (2001: € 4.9 billion), thereby maintaining our outstanding position among the global arrangers. We focused on projects in which we acted as lead arranger, covering all the major markets, in particular Europe and Asia/Pacific. With a global market share of 4.2% (2001: 5.0%) we were placed fourth in the league tables of Project Finance magazine. Numerous awards also confirmed our leading position in the market, including Best Global Oil & Gas Bank, Best Bank in Latin America (Global Finance Magazine) and – of particular note – Global Arranger of the Year (Infrastructure Journal).
The Company People and Markets Financial Report Names and Locations | Evelyn Maria Bodenmeier Global Specialised Finance Developing ideas, implementing ideas. No other bank leaves so much room for innovation. This is something WestLB expects from you and helps you put into practice. So you produce results that leave their mark on the markets. Such an environment allows me to develop. What else could you possibly expect from your bank? MYBANK Emphasis on Infrastructure The emphasis of our project finance business in Europe was on infrastructure and the energy sector. Two transactions in the United Kingdom stood out among the others: the £ 426 million deal to rebuild Wembley Stadium and the modernisation of London’s underground system. Also of note was the financing for the construction and operation of two liquid-gas-powered trains in Nigeria, which earned the EMEA Project Finance Loan of the Year award from International Finance Review (IFR). Our strong position in the Asia/Pacific region was underscored in numerous major transactions in which we acted as lead arranger. For instance, we arranged HK$ 300 million in financing for the Tradeport logistics centre at Hong Kong International Airport, a transaction that earned us the Asia Pacific Transport Deal of the Year award from Project Finance magazine. We also supported arranging A$ 5.6 billion in acquisition financing for Sydney Airport, which bolstered our market position in the infrastructure segment. The US$ 603 million in acquisition financing which we arranged for Malaysian mobile telephony operator Maxis was recognised as Asia Pacific Telecoms Deal of the Year. Restructuring in the Americas The project finance business in the United States was heavily influenced by the market adjustment process in the telecommunications sector as well as the growing problems in the energy sector. Added to this was the fact that revised reporting guidelines steered many companies towards less complex financing structures. As a result new business in the project finance field was limited. The majority of clients, particularly those in the energy sector, tended to focus on the restructuring of existing transactions. The difficult situation in the telecommunications industry led to risk provisioning for sub-sea and terrestrial fibreoptic networks; by contrast, only isolated mobile communications transactions were affected. 23
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XWa Dedication you can count on.
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XWG WestLB AG Herzogstraße 15 4021
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Annual Report 2002 (pdf, 1319K) - WestLB

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