Germany’s HSH Nordbank, once the world’s largest ship financier, is reportedly setting its sights on a return to maritime investments after years of financial turmoil.
According to a Reuters report, HSH Nordbank aims to buy shipping loans from other banks and make new investments in the industry.
“HSH, at the end of this process of privatisation, will for the first time since 2008 be restored. We will not have the same restrictions we faced or the pressures to reduce bad debt,” Christian Nieswandt, global head of shipping with HSH Nordbank, told Reuters.
“We are looking to re-invest in the shipping space and are looking for high-quality business.”
The bank’s annual budget of EUR700 million (USD812.5 million), set until 2022, will be invested in new shipping business, including buying loans from other banks.
Nieswandt added: “We will not buy non-performing portfolios. We are only looking at performing loans. We are talking to a couple of European banks, which have expressly stated that they want to get rid of parts of their portfolio,” he said.
“This is a good way of developing the bank’s shipping portfolio. I have never experienced a period during which so many quality portfolios were for sale.”