Orix Buys RBS Shipping Loans
Japanese financial services firm Orix Corp has agreed to buy $290 million (272 million euros) worth of Greek shipping loans from Royal Bank of Scotland (RBS), Reuters reported quoting sources with direct knowledge of the deal.
Reuters reported last month the British bank was close to selling at least $600 million worth of shipping loans to financial institutions including Orix. Germany's Berenberg Bank would purchase around $300 million of loans.
Most of the loans Orix is buying from RBS are of investment grade and made to Greek borrowers, said the sources, who were not authorised to discuss the matter publicly.
The sale is considerably smaller than the original $3bn deal to sell the whole of RBS' Greek shipping business to Orix, and a narrower portfolio compared with $600m of debt previously believed to be on the table.
Sources close to the deal told Reuters most of the loans Orix is snaffling up are investment grade – typically rated BBB or above by credit agencies. The bank – 70 per cent owner by the UK government – is fighting fires on several levels.
