Hamburg Commercial Bank (HCOB) has agreed to purchase the shipping portfolio of Netherlands Intercontinental Bank (NIBC).
Strengthening its client base and its shipping franchise are deemed key factors for the German bank. The deal is comprised of USD992 million worth of shipping loans. The acquired loans reduce HCOB’s portfolio share in the container business, in favour of bulk and chemical tankers. Additionally, the deal strengthens its presence in Scandinavia, the Netherlands and the UK.
Former NIBC shipping experts will join HCOB in its new representative Dutch office, as part of the German bank’s expansion process. The transaction is expected to be completed by the end of June and will be recognised in the interim financial statements. The parties have agreed not to disclose the purchase price.
