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Royal Bank of Scotland said to be holding fire sale of Turkish ship loans
THE Royal Bank of Scotland (RBS) hopes to sell its Turkish shipping loans in a bid by the state-owned bank to cut losses through asset sales, Reuters reports.
Loss-making since 2007, RBS is restructuring under and wants to unload its shipping loans to avoid further losses from underperforming debt.
Sources told Reuters the bank was looking to sell between US$200 million to $500 million worth of Turkish-related shipping loans.
RBS, which reported GBP2.05 billion (US$2.66 billion) of losses for the first half of 2016, declined comment.
The British bank had been a big lender to the global shipping industry, but has shrunk its balance sheet and largely retreated from non-UK lending since a GBP46 billion pound government bailout during the financial crisis.
Loss-making since 2007, RBS is restructuring under and wants to unload its shipping loans to avoid further losses from underperforming debt.
Sources told Reuters the bank was looking to sell between US$200 million to $500 million worth of Turkish-related shipping loans.
RBS, which reported GBP2.05 billion (US$2.66 billion) of losses for the first half of 2016, declined comment.
The British bank had been a big lender to the global shipping industry, but has shrunk its balance sheet and largely retreated from non-UK lending since a GBP46 billion pound government bailout during the financial crisis.
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