RBS to Exit Greek Shipping Portfolio
Royal Bank of Scotland Group PLC is winding down its Greek operation and is looking to sell its USD5 billion shipping loans portfolio, Reuters reported on Saturday. Citing finance sources familiar with the plans, Reuters said the move was part of the UK state-backed bank's efforts to shrink its international business. Part of a wider strategy by the bank to shrink parts of its international business, the decision comes as Greece makes a final attempt with international creditors for a bailout and to prevent a financial meltdown in the country. The RBS has been involved in shipping finance for more than 250 years and is one of the world's leading banks in shipping finance. RBS is the leading lender to the Greek shipping market.
FBM Babcock Marine Gets Order
FBM Babcock Marine has been awarded an order for six 86-ft. aircrew training vessels by SMIT International (Scotland) Ltd. The order follows the U.K. MOD award of a contract following competition under the Public Private Partnership Program to SMIT International for the provision of aircrew training and firing range safety services. The FBM Babcock Marine vessels will be used by SMIT International to train military aircrew in marine survival techniques and be delivered within 16 months. The vessels will be funded by way of a structured lease with Lombard Corporate Finance, a member of the Royal Bank of Scotland Group plc. The vessels are an adaptation of FBM Babcock Marine's 86-ft.
