Netherlands-based asset financier NIBC has reached an agreement on the sale of its shipping portfolio to Hamburg Commercial Bank (HCOB).
The deal comprises NIBC’s shipping portfolio of senior secured loans of $992m.
The majority of the NIBC shipping team received an offer to join HCOB in order to continue servicing their client franchise.
NIBC provides financing services to clients in key maritime cities such as Athens, New York, and Singapore. It primarily operates in Northwestern Europe with a solid foundation in the Netherlands.
It offers financing solutions for shipping ranging from €10m to approximately €50m per transaction, as its director of shipping, Michael de Visser said earlier this year.
The transaction should close in June 2024 and is subject to customary closing procedures.
NIBC, which its infrastructure business delivered strong results in 2023, resulting in a growth of its portfolio of 22 percent to €1,893m, compared to €1,545m in 2022, said the sale would “enable a sharper focus on key business segments where growth can be accelerated.”
At NIBC, the emphasis is on more common vessel types such as chemical tankers, gas tankers, and dry cargo ships, primarily in deep-sea shipping. However, the bank was exploring opportunities in inland shipping.
“We believe we have found a great new owner in HCOB, who is committed to investing in the continued growth ambitions of the franchise. As part of our regular strategic review, we have decided to divest the shipping portfolio. By increasing our focus, we will be even better equipped to deliver sustained long-term growth and further invest in mortgages, savings, real estate and infrastructure,” said NIBC’s Saskia Hovers, member of the executive committee.
