German Commerzbank has sold nine container ships as part of the major bank's efforts to reduce its shipping loans, says the bank in a statement. Commerzbank has divested a total of 70 ships in the first seven months of the year.
The proceeds from the sale of the nine ships - a move that comes a few weeks after the bank decided to increase its divestments of unwanted assets - will be used to reduce the company's total lending by USD 216 million. According to a statement from the bank issued on August 7th, Commerzbank plans to reduce its total loans to shipping and commercial real estate to around EUR 20 billion by the end of 2016.
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