Singapore involvement in new Oslo shipping bank

 

Oslo: There’s a new bank focused on ship finance opening in Oslo, with one Singapore-registered firm involved. Maritime and Merchant Bank has been created to fill the gap left by the exodus of shipping-related banks in the past five years. The bank aims to push through a $300m IPO next year. Among shareholders are Germany’s Henning Oldendorff and Norway’s Arne Blystad, who each have a 30% stake.

Shanghai’s Landmark Holdings, through Påal Utvik and David Wu, has a 18.75% stake, with Singapore’s Nergaard Investment Partners (NIP), controlled by Alex and Birger Nergaard, taking an 11.25% share. The chairman of the new bank, Endre Ording Sund, a former Wilhelmsen executive, has a 2% stake. 

NIP was formed this year in Singapore as a private investment company to build a portfolio of medium- to long-term dividend driven investments.

Maritime and Merchant Bank has said it will target smaller, second tier owners, many of whom have been left high and dry by banking’s sudden turn against shipping. 

The bank is set to officially open for business in the first half of next year.  [04/10/13]

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