EuropeFinance and Insurance

RBS reportedly puts Turkish shipping loans in the shop window

Royal Bank of Scotland has put its portfolio of Turkish shipping loans up for sale, Reuters is reporting. The bank is trying to divest itself of its entire shipping portfolio as part of restructuring plans. The Turkish loans total up to $500m.

Its $3bn Greek shipping loan portfolio has attracted the interests of Credit Suisse and China Merchants this year, though no firm bids have been made to date.

RBS suffered a net impairment charge of £263m primarily related to its shipping portfolio in the first six months of 2016.

RBS declined to comment on the Turkish sale.

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.
Back to top button