Hamburg Commercial Bank (HCOB) has acquired $992 million of Dutch bank NIBC's shipping loans. HCOB will also take over a team of experienced shipping experts from the Dutch bank. The parties did not disclose the purchase price.
The portfolio was acquired through a multi-stage competitive bidding process.
""With this transaction we expand our Shipping footprint in the European market,"" HCOB CEO Ulrik Lackschewitz. ""We are very pleased to be gaining this high-quality and well-balanced loan portfolio, which strengthens our shipping client base and franchise.""
The transaction both diversifies and expands HCOB’s shipping exposure, which has seen early prepayments in recent years due to strong markets. As per half year 2024, the combined shipping book will account for approximately 10% of total assets, in line with previous years. The acquired loans will reduce HCOB's portfolio share in container business in favour of bulk carriers and chemical tankers as well as strengthen our presence in Scandinavia, the Netherlands, and the UK.
The transaction is expected to be completed by the end of June 2024 and will be recognised in the interim financial statements.
Hamburg Commercial Bank acquires NIBC's shipping business
