Oslo: There’s a new bank focused on ship finance opening in Oslo, with Chinese participation. Maritime and Merchant Bank has been created to fill the gap left by the exodus of shipping-related banks in the past five years. The bank aims to push through a $300m IPO next year. Among shareholders are Germany’s Henning Oldendorff and Norway’s Arne Blystad, who each have a 30% stake.
Shanghai’s Landmark Holdings, through Påal Utvik and well known offshore specialist David Wu, has a 18.75% stake, Singapore-based Nergaard Investment Partners, controlled by Alex and Birger Nergaard, taking an 11.25% share. The chairman of the new bank, Endre Ording Sund, a former Wilhelmsen executive, has a 2% stake.
David Wu has plenty of connections with Norwegian shipping having been with IM Skaugen for a number of years and now fronting Grenland Group’s operations in Asia.
The bank has said it will target smaller, second tier owners, many of whom have been left high and dry by banking’s sudden turn against shipping.
The bank is set to officially open for business in the first half of next year. [04/10/13]