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RBS sells $600m in shipping loans: report

RBS sells $600m in shipping loans: report
Royal Bank of Scotland (RBS) has reportedly sold $600m worth of shipping loans as it continues moves to exit the sector.

News agency Reuters quoted sources as saying it had concluded deals with Japan’s Orix Corp to sell $290m in loans, while Germany’s Berenberg Bank would acquire around $300m in loans. Most of the loans being sold to Orix are reportedly with Greek shipowners.

Loss make RBS announced last September it was exiting the shipping sector having failed to find a buyer for its $3bn Greek shipping portfolio.