NIBC announces that it has reached agreement to sell its shipping portfolio to Hamburg Commercial Bank (HCOB). This divestment enables a sharper focus on key business segments where growth can be accelerated.
The transaction comprises NIBC’s well-performing shipping portfolio of senior secured loans of USD 992 million. The majority of the NIBC shipping team received an offer to join HCOB in order to continue servicing their carefully built client franchise. With their long-standing presence in the shipping industry, HCOB is well-positioned to accommodate a further growth of the business, demonstrating a great fit for the client base, the portfolio, and the team.
Saskia Hovers, member of the Executive Committee: “We are proud of the strong and successful shipping franchise we have built over the years, with a well-performing portfolio and a team of outstanding professionals. We believe we have found a great new owner in HCOB, who is committed to investing in the continued growth ambitions of the franchise. As part of our regular strategic review, we have decided to divest the shipping portfolio. By increasing our focus, we will be even better equipped to deliver sustained long-term growth and further invest in mortgages, savings, real estate and infrastructure.”
The closing of the transaction is subject to customary closing procedures and is expected to take place in June 2024.
Source: Hellenic Shipping News
