German bank Berenberg has been actively buying into the shipping portfolio at the Royal Bank of Scotland which has for a long time tried to get rid of its shipping loans. Berenberg has, in cooperation with a Japanese financial firm, acquired shipping loans worth USD 460 million from RBS, states the bank.
Most of the loans will be part of the bank's fund Berenberg Alternative Asset Fund in Luxembourg while others have been transferred to third-party investors. This is not the first time that Berenberg takes over loans from the Scottish bank. At the end of last year, the bank snatched up a portfolio of around USD 300 million which have gone into the same fund.
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