Germany’s HSH Nordbank has offloaded a EUR 5bn ($5.57bn) portfolio of non-performing shipping loans on to its state owners.
The lender said on Thursday the bad loans relating to 256 ships will be managed by HSH Portfoliomanagement, controlled by its major shareholders, Hamburg and Schleswig-Holstein.
The move was planned as part of the bank’s restructuring.
HSH will receive a transfer price of EUR 2.4bn,
