Orix buys RBS loans made to Greek ship­pers

Kathimerini English - - Focus -

FRANK­FURT (Reuters) – Ja­panese fi­nan­cial ser­vices firm Orix Corp has agreed to buy $290 mil­lion (272 mil­lion eu­ros) worth of ship­ping loans from Royal Bank of Scot­land, sources with di­rect knowl­edge of the deal told Reuters yes­ter­day. RBS, which is more than 70 per­cent state-owned, is still in the throes of a re­struc­tur­ing, which in­cludes as­set sales, job cuts and tack­ling multi-bil­lion dol­lar charges to set­tle lit­i­ga­tion and pay reg­u­la­tory fines for past mis­con­duct. Reuters re­ported last month the Bri­tish bank was close to sell­ing at least $600 mil­lion worth of ship­ping loans to fi­nan­cial in­sti­tu­tions in­clud­ing Orix. Most of the loans Orix is buy­ing from RBS are of in­vest­ment grade and made to Greek bor­row­ers, said the sources, who were not au­tho­rized to dis­cuss the mat­ter pub­licly.

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