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.