December 7, 2021
North Channel Bank Achieves Next Major Milestone in the Bank’s Sale Process
“With the signing of a Sales and Purchase Agreement (SPA), North Channel Bank has moved a major step closer to the change of ownership,” explains Harald Zenke, Managing Director of North Channel Bank. “After completion of the Ownership Control Procedure by BaFin and the Auditing Association, which is starting now, we will be able to announce the name of our investor to the public.”
North Channel Bank GmbH & Co. KG was founded in 1924 as the privately owned bank Bankhaus Oswald Kruber located in Berlin. In 2009, a North American group of investors with expertise in the US Life Settlements sector acquired the bank and renamed it North Channel Bank. In the following years, the bank developed into one of the leading institutions in US Life Settlement financing. For many years, the bank has been working with the experienced and renowned US servicer NorthStar Life Services, LLC, a former affiliate, and offers not only financing but also investments in US Life Settlements. The affiliate NorthStar Life Settlements Trading, LLC, Irvine, California, renamed in 2020, handles the trading of policies in this business segment. In the Structured Finance division, the bank focuses, in particular on financing in the renewable energy sector (focus: equity interim financing), capital goods, and growth financing.