ShippingWatch

NordLB will meet shipping deadline earlier than expected

German bank NordLB appears on track to reduce its non-performing shipping loans earlier than previously expected, the bank writes in its interim report for the first nine months of this year.

Photo: PR/NordLB

German NordLB is working hard to rid itself of non-performing loans to the shipping industry that have have been a thorn in the bank's side for a number of years. The bank is aiming to reduce its portfolio of such loans to under EUR 5 billion by late 2019.

On Aug. 20, the portfolio contained liabilities totaling EUR 7.3 billion, and all indications point to the reduction target being achievable at an even earlier point in time.

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