Hamburg bank Berenberg together with an unspecified Japanese financial institution has purchased a further $460m shipping performing loan portfolio from the Royal Bank of Scotland (RBS).
Most of the loans purchased by Berenberg will go into the Berenberg Alternative Asset Fund in Luxembourg. Others have been transferred to selected third party investors.
“This shows that if you have the right know-how, it is possible to create attractive solutions for clients and investors even in challenging markets,” said Philipp Wünschmann, head of shipping at Berenberg. “With the combination of buying shipping loan portfolios and handling their asset management, we are further expanding our service offerings for clients and institutional investors. We see further attractive growth perspectives in this area.”
In the last 12 months Berenberg has transacted a volume of about $1bn in shipping loans, much of it with Japan’s Orix Corp.