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.

BY OLE ANDERSEN

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.

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