NordLB acquires struggling shipping bank

Germany's second-largest shipping bank has acquired full ownership of Bremer Landesbank, which is similarly strained by non-performing shipping loans. Seller is the Bremen city council.

Photo: Hamborg Havn

State-owned German bank NordLB, the country's second-largest lender to the shipping sector, has taken full ownership of somewhat smaller lender Bremer Landesbank, which is also struggling with big losses due to non-performing shipping loans.

Bremer Landesbank informs in a statement that the Bremen city council will receive EUR 180 million, or close to USD 200 million, for its 41 percent stake in the bank.

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