HSH plans to cut ship loans by quarter in bad bank unit
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[HAMBURG] HSH Nordbank AG, the world's largest financier of ships, plans to cut the seven billion euros (S$12 billion) in loans held by its restructuring unit by more than one-quarter by the end of 2016.
To reach that target HSH will sell loan packages to investors, foster mergers between the many smaller German shipping companies, and pool distressed one-ship companies so that they can tap new funds, Wolfgang Topp, who heads the Hamburg-based bank's unit, told reporters in Hamburg on Monday.
"We expect to reduce the shipping portfolio by about 500 million euros to 750 million euros per year," Mr Topp said. Since the foundation of the restructuring unit in 2009 the bad bank rid its portfolio of four billion euros in shipping loans, he added.
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