ING Inks USD 1Bn Ship Financing MoU with China Eximbank

Dutch multinational banking and financial services corporation ING Group, which is also one of the key global shipping financiers, has signed a USD 1 billion MoU with The Export-Import Bank of China.

As agreed in the MoU, ING and Eximbank expressed interests in cooperating on future Chinese ship financing transactions, including Chinese built vessels and offshore transactions.

The deal was signed within the framework of one of the largest Dutch trade mission to China which is part of the state visit by King Willem-Alexander and Queen Máxima to the People’s Republic of China at the invitation of President Xi Jinping.

Almost 150 Dutch companies went to China to either start new relationships and explore opportunities or to expand their current business in what has become the second largest economy in the world. Wilfred Nagel, Chief Risk of ING Group, who during his career headed ING’s commercial bank in the Asian region for several years, joined the mission and visited clients of ING’s branch in Beijing.

Commenting on the recent developments in China, Nagel said that he doesn’t expect a ´hard landing´ for the Chinese economy.

“Yes, there is a slowdown, but we have to realize that China is in transition, and it is only natural that this creates some volatility, noise and unrest. We were part of the enormous growth and now we have to realize we are also part of the transition and everything that comes with it,” he adds.

 “China is one of the leading nations in the shipbuilding industry and many of our clients own Chinese built ships. Both the Eximbank of China and ING Bank have a long history in financing such vessels and by teaming up we will be in a stronger position to serve our clients,“ said Stephen Fewster, Global Head of Shipping Finance ING Bank, commenting on the deal.