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KKR walks away from NordLB’s shipping loans
German lender NordLB has ditched plans to sell a EUR1.3bn ($1.5bn) portfolio of shipping loans to KKR, after around a year of negotiations.
NordLB is now looking at selling individual ship loans as it views that as more profitable than a sale of portfolios. It still anticipates to pare back its shipping loan exposure to EUR12bn to EUR14bn buy the end of this year.
German banks have been going through a belated massive clear out of shipping loans over the past eight months.