EuropeFinance and Insurance

Maritime & Merchant Bank launches

Maritime & Merchant Bank (M&M), a niche Norwegian bank for the shipping and offshore sector, opened its doors for business Tuesday.

“We are very pleased to be able to start serving our customers,” said M&M CEO Halvor Sveen (pictured).

M&M aims to fill some of the gap created by the dramatic departure of so many European banks from ship finance.

“The sustained tight credit market for the maritime sector has left many companies owners seeking financing with few alternatives. We believe M&M can fill a need for a specialized bank with experience in shipping and offshore that is able to contribute to good solutions for our customers” Sveen said.

M&M will provide secured lending in the form of first priority terms loans. The bank will service the global maritime markets from its main office in Oslo.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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