HSH Nordbank, the world’s largest shipping lender, is reducing its shipping portfolio as required by the European Commission.
HSH has to cut its shipping portfolio from around €19bn at present to €15bn by the end of 2014, a condition set by Brussels in return for allowing state aid.
Meanwhile, fears that the bank may have to make further write-downs on its shipping portfolio are groundless, a high-ranking official at the bank said.
Published : November 5, 2012
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