Report: RBS Soon to Sell USD 600 Mn of Shipping Loans?
- Business & Finance
Royal Bank of Scotland could soon dispose of some USD 600 million worth of shipping loans from its portfolio, Reuters informed citing sources close to the matter.
Namely, the loans, primarily derived from the bank’s Greek shipping business, are being sold in various parcels, the sources told Reuters.
The potential buyers of shipping loan tranches reportedly include Japan’s financial services group Orix Corporation, Hamburg-based Berenberg Bank, Bank of America Merrill Lynch, as well as investment management firm Davidson Kempner Capital Management.
Earlier this year, the 73-percent state-owned bank, which is currently in the midst of a restructuring, opted to sell its Greek ship finance business, allegedly worth around USD 3 billion, in an effort to return to profit after eight straight years of losses.
Additionally, in August 2016, the bank decided to sell its portfolio of Turkish shipping loans.
At the time, Reuters said that RBS was attempting to sell between USD 200 million to USD 500 million worth of loans in an effort to exit this sector by offloading its entire shipping loans business.
World Maritime News Staff