Dutch NIBC.
German Hamburg Commercial Bank (HCOB) has acquired the shipping portfolio of its Dutch counterpart NIBC. The transaction includes NIBC's charging portfolio of senior secured loans worth $992 million.
NIBC Bank, which provides ship finance from €10 million to €50 million to diversified clients in offshore hubs in northwest Europe, Athens, New York and Singapore, said the sale would enable “a greater focus on key business segments where growth is possible”. "It is being accelerated."
HCOB provides financing for tankers, containers, bulk vessels and car carriers and has clients such as Torm, MPC Container Ships and Leonhardt & Blumberg. The company made €81 million in profits from shipping last year, with about half of its business coming from Greece. The deal is supposed to close in June.
Commenting on the acquisition, Ulrike Laczewitz, CEO of HCOB, said: “With this transaction, we are expanding our shipping footprint in the European market. We are very pleased to have acquired this high-quality and balanced loan portfolio, which strengthens our freight customer base and franchise.
