Posted on April 12, 2016
By Michael Hollmann, Fairplay
Germany’s second-largest shipping lender Nord LB today announced a drastic reduction of its shipping loan book following major losses in this sector last year. The bank’s chief executive Gunter Dunkel said that its exposure is to be reduced by around a third, from EUR19 billion today to between EUR12 billion and EUR14 billion over the coming years.
“This will not be possible without further impacts on earnings. Even so, ship financing will remain a major element of our business model going forward,” Dunkel told reporters during the presentation of Nord LB’s annual results in Hanover.
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