A niche bank for the shipping and offshore sector M&M originally targeted to open in the first quarter of 2014.
“The sustained tight credit market for the maritime sector has left many companies owners seeking financing with few alternatives,” said Halvor Sveen ceo of M&M.
“We believe M&M can fill a need for a specialized bank with experience in shipping and offshore that is able to contribute to good solutions for our customers.
He added: “We are fortunate to have supportive owners and stakeholders, in both our founding fathers and new investors. They have made it possible to realize the plans for a new specialized bank’’.
The bank will operate from its headquarters in Oslo providing secured lending in the form of first priority loans.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
