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DnB NOR licensed to lend in Renminbi in China

DnB NOR licensed to lend in Renminbi in China

Shanghai: DnB NOR has been granted a license enabling it to provide finance to China-based customers Renminbi (RMB). The funding, which is expected to earn the bank favour with Chinese customers including state-run shipping lines, adds to it's product range on offer at DnB NOR's Shanghai branch.

"As far as I am aware, DnB NOR is the only foreign specialist ship finance bank with the combination of RMB capabilities and shipping expertise on the ground in China. We look forward to increasing our lending portfolio in this area," said Espen Lund, DnB NOR's country manager in China and head of the Shanghai branch. "This is a historic move for the bank and something we have been working towards since we opened in Shanghai in the Autumn of 2006. We now have the capacity to lend to owners with vessels flying the People's Republic of China flag. It is a significant milestone for the bank."  [02/06/10]

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