EuropeFinance and Insurance

NordLB’s shipping loan portfolio to take a hit over next three years

Germany’s NordLB bank expects to suffer impairments to its €18bn ($19.1bn) shipping loan portfolio over the next three years, reports say.

Chief executive Gunter Dunkel told a press conference in Hannover that the regional state-backed lender has planned for “substantial” impairments in 2016, 2017 and 2018, Reuters reports.

Dunkel added he expects a decline in the amount of cash NordLB must set aside to cover non-performing loans during the next three years, and this amount could even drop substantially in 2018.

The chief executive said his bank was taking a more conservative tack than outside market researchers.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
Back to top button