Norwegian shipping bank to raise USD 350 million

Oslo-based Maritime & Merchant Bank, which will launch its business on April 1st, plans to issue shares to raise up to USD 350 million from future stakeholders.

Photo: PR-foto

Last week the Norwegian Financial Supervision Authority (FSA) gave Maritime & Merchant Bank the final approval, which means that the bank can now focus on securing the necessary financial base ahead of launching its operations.

Maritime & Merchant Bank's CEO, Norwegian Halvor Sveen, said last week in an interview with ShippingWatch that the bank will start operating on April 1st, less than six months after the initial plans were made public on November 13th 2013.

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