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RBS in talks to sell $800 million shipping loan: sources
November 11, 2013 / 3:41 PM / 4 years ago

RBS in talks to sell $800 million shipping loan: sources

A woman shelters under an umbrella as she walks past a branch of the Royal Bank of Scotland in the City of London September 17, 2013. REUTERS/Stefan Wermuth

LONDON (Reuters) - Royal Bank of Scotland (RBS.L) is in talks to sell a shipping loan worth close to $800 million as part of moves to scale down exposure to the seaborne industry, sources familiar with matter said on Monday.

The sources said RBS was looking to sell its outstanding loan in U.S.-headquartered dry bulk group Eagle Bulk Shipping (EGLE.O). RBS declined to comment. Eagle Bulk was not immediately available for comment.

RBS, 81 percent owned by the UK taxpayer, is one of several European banks trying to slash their shipping loans as they cut their balance sheets to become less risky, and tougher regulations require them to hold more capital, making loans less profitable.

Reporting by Jonathan Saul, additional reporting by Matt Scuffham and Swetha Gopinath; editing by David Evans

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