Nord/LB: Sale of a shipping loan portfolio amounting to EUR 2.6 billion closed

NORD/LB Norddeutsche Landesbank successfully completed the sale of a EUR 2.6 billion shipping loan portfolio (“Big Ben” transaction) to an affiliate of Cerberus Capital Management, L.P., a global alternative investment manager. The transaction was closed on 9 April, in accordance with the signing of the purchase agreement dated February 2019.

Upon completion of the transaction, the bank’s NPL portfolio, which amounted toEUR 7.5 billion at the end of 2018, was reduced to around EUR 4.9 billion. The parties agreed to maintain confidentiality about the terms of the transaction.
Source: Nord LB