Affiliated companies

Rentenbank’s direct and indirect subsidiaries are:

• LR Beteiligungsgesellschaft mbH (LRB)
• DSV Silo- und Verwaltungsgesellschaft mbH (DSV)

All material risks of the subsidiaries are concentrated at Rentenbank and managed centrally by it. As in previous years, the scope of the subsidiaries’ business activities remained strictly limited in the 2025 financial year. DSV’s principal activity was limited to fulfilling pension obligations towards its former employees and employees of Getreide-Import-Gesellschaft mbH (GIG), the former subsidiary of LRB, which was merged into DSV with retroactive effect from 1 January 2024, with the result that DSV is now its legal successor. LRB’s business activity essentially consists in the management as a holding company and business management agent of the affiliate DSV and the investment of liquid funds. Rentenbank has issued a letter of comfort in favour of LRB, under it which it undertakes, insofar as and for as long as it holds 100% of LRB’s equity, to provide it with enough financial resources that it will be able to fulfil its obligations punctually at all times.