Maritime & Merchant AS Granted Banking License
Maritime & Merchant AS (M&M) (TBR Maritime & Merchant Bank ASA) has received regulatory approval to operate a private bank in Norway, underpinning the firm’s strategy to become a niche financial institution dedicated to meeting the funding needs of owners active in the shipping and offshore industries, worldwide. “We are currently preparing for a capital issue with a target of $300-350 million (USD) in equity to fund operations. We have selected Pareto Securities AS and DNB Markets as Joint Lead Managers and Bookrunners, with Cleaves Securities to act as Financial Advisor.
Opening of SMM Int’l Trade Fair, India
The world has come to recognize the potential of the Indian shipping industry, its capability to innovate and grow on the global stage, said APVN Sarma, former Secretary, Shipping, at the inaugural SMM India, shipbuilding, machinery & marine technology trade fair and exhibition. “The SMM exhibition is being organised at a very appropriate time”, said Arun K Mago, Chairman, Advisory Council, SMM India 2009. Mago said, “Though India and China were not affected as much as by other developed countries, it has had an adverse affect on the shipping trade. It has been one of the worst moments for the sector in living memory. SMM India 2009 provides a platform for dialogue and business interaction between over 100 exhibitors from all parts of the world.