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RBS reportedly finds buyers for some of its shipping portfolio

Reuters is reporting that a chunk of Royal Bank of Scotland’s (RBS) shipping portfolio is being sold to a mix of financial institutions across the globe. Among the buyers coming in for around $600m of shipping loans are Japan’s Orix Corp, Germany’s Berenberg Bank, Bank of America Merrill Lynch and asset manager Davidson Kempner.

RBS has long telegraphed its intention to exit shipping. The bank has had eight years of annual losses and was bailed out by the UK government seven years ago.

RBS’s total shipping exposure, as of the end of September, stood at £5.51bn.

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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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