Braunschweig, 27 February 2019
Volkswagen Financial Services purchase LogPay Financial Services GmbH and continue to expand their mobility business
• 100% shareholding acquired from DVB Bank SE
• Europe-wide growth targeted in the fuel card and toll business
• Entry into local public transport payment processing/ticketing
Volkswagen Financial Services are further extending their commitment to the provision of mobility services and have acquired 100 percent of the shares in LogPay Financial Services GmbH (LPFS) from DVB Bank SE. In 2017 Volkswagen Financial Services had already acquired a majority stake in LogPay Transport Services GmbH, until then a wholly-owned subsidiary of LPFS active throughout Europe in the refuelling and toll payment business. LPFS also owns LogPay Mobility Services, which operates as the leading payment processor in Germany in the field of local public transport. "Mobility services remain an important growth area for us. The takeover of LogPay Financial Services enables us to centralise our fuel card business and become one of the leading fuel and toll service providers across Europe," says Gerhard Künne, Head of the Mobility Unit at Volkswagen Financial Services.
Ralf Bedranowsky, Chairman of the Board of Managing Directors of DVB Bank SE, said: "The signing of the purchase agreement marks the successful conclusion of negotiations between Volkswagen Financial Services and DVB Bank. For LogPay Financial Services, its customers, employees, owners and business partners, the way has been paved for sustainable profitable strategic growth".
LogPay Transport Services GmbH has significantly expanded its fuel card acceptance network since Volkswagen Financial Services acquired its stake in the company. Truck, car and fleet customers in Germany currently enjoy access to more than 6,500 stations. More than 12,000 filling stations are available to them throughout Europe. LogPay acts as a network aggregator and brings together various different filling station providers in a single fuel card. "With an eye to the future, our aim is to integrate the entire fuel & service card business of Volkswagen Financial Services into LogPay," says Künne, looking forward.
With the acquisition of LPFS, Volkswagen Financial Services are additionally securing a considerable market potential in the area of processing payments for local public transport through LogPay Mobility Services (LPMS). LPMS is currently the market leader when it comes to handling the payment transactions for many high-reputation companies in the local mass transit sector. "We are already active today in short-range public transport ticketing through various projects and initiatives. Because it is a central component of urban mobility ecosystems with many instances of customer contact, local public transport is an interesting field of business for Volkswagen Financial Services, a segment that we will continue to expand with LogPay," Künne says.
In addition, LogPay Financial Services GmbH also handles the DVB Bank freight settlement procedure, which will remain the case under the new ownership structure.
The acquisition of LogPay Financial Services GmbH is still subject to approval by the antitrust authorities. The parties have agreed not to disclose the purchase price.
Information for editors
Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA, Canada, and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 15,770 employees worldwide – including 6,670 alone in Germany. Volkswagen Financial Services report total assets of around EUR 186.9 billion, an operating result of EUR 2.5 billion euros and a portfolio of around 19.7 million current contracts (as at: 31.12.2017).
DVB Bank SE, headquartered in Frankfurt/Main, Germany, is specialised in the international transport finance business. The Bank offers integrated financing solutions and advisory services in respect of Shipping Finance, Aviation Finance and Land Transport Finance. DVB is present at all key international financial centres and transport hubs: at its Frankfurt/Main head office, as well as various European locations (Amsterdam, Athens, Hamburg, London and Oslo), plus offices in the Americas (New York City and Curaçao) and in Asia (Singapore and Tokyo). The Bank is an affiliate of DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, and therefore belongs to Germany's second-largest banking group.
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