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Orix stands to buy US$600 million of shipping loans from RBS: sources
THE troubled Royal Bank of Scotland (RBS.L) has reportedly wrapped deals to sell US$600 million worth of shipping loans from its portfolio in a drive to exit the sector, Reuters reports.
This potential development comes as RBS is in the midst of a restructuring, which includes asset sales, job cuts and tackling multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct.
Sources tell Reuters Japanese financial services firm Orix Corp has agreed to buy $290 million worth of shipping loans from RBS, while separately Germany's Berenberg Bank would purchase $300 million of loans. RBS has declined comment.
Most of the loans Orix is buying from RBS are investment grade and made to Greek borrowers, said the sources. The sources also said Orix saw the deal as an opportunity to buy cheaply loans made to healthy borrowers. They also said that the Japanese company was already in similar talks with other lenders to the shipping sector.
This potential development comes as RBS is in the midst of a restructuring, which includes asset sales, job cuts and tackling multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct.
Sources tell Reuters Japanese financial services firm Orix Corp has agreed to buy $290 million worth of shipping loans from RBS, while separately Germany's Berenberg Bank would purchase $300 million of loans. RBS has declined comment.
Most of the loans Orix is buying from RBS are investment grade and made to Greek borrowers, said the sources. The sources also said Orix saw the deal as an opportunity to buy cheaply loans made to healthy borrowers. They also said that the Japanese company was already in similar talks with other lenders to the shipping sector.
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