ShippingWatch

Nord/LB withdraws entirely from shipping

Bank Nord/LB has presented its proposal for a recapitalization plan, and this involves the bank withdrawing entirely from shipping, a segment which in 2018 cost the bank a large billion euro deficit.

Photo: PR/NordLB

German bank Nord/LB withdraws from ship finance.

The announcement comes as the bank has published an update about its efforts to rehabilitate its finances, which need billions of euros to cover several years of losses on non-performing loans to the shipping sector.

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