NordLB will reduce loans to shipping by one third

Like other German shipping banks, NordLB is now also taking measures to safeguard itself against the weak and uncertain shipping markets. Lending to the sector will be slashed by one third, says the bank's Chief Executive.

Germany's second-biggest lender to shipping, NordLB, plans to reduce its exposure to the sector by one third, from EUR 19 billion today to around EUR 12-14 billion over the next five years. This will impact the bank's earnings, said CEO Gunter Dunkel according to Reuters on Thursday in relation to the publication of the bank's annual report 2015.

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