RBS ‘gets bids for Greek shipping business’

Royal Bank of Scotland has received bids for its Greek ship finance business — with Credit Suisse and China Merchants among the suitors — according to Reuters.

Experts said the RBS operation was once worth up to $3 billion.

RBS was previously a leading lender in the global shipping industry.

Reuters quoted an unnamed source as saying: “RBS has tried to put this sale together for some time.

“In the past two quarters, conditions in shipping have got worse and that has had some effect on the portfolio.

“That will mean that there will have to be some price adjustment for whatever is on offer.”

RBS is still 73% owned by the UK government following its £45.5 billion bail out during the 2008 financial crisis.

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.