FRANKFURT, June 14 (Reuters) - Deutsche Bank has found a buyer for the bulk of its bad ship loans as it seeks to draw a line under sour investments in the sector and to start a fresh push in transport lending, people close to the matter said.
Germany’s flagship lender has agreed to sell a non-performing ship loan portfolio with a notional value of $1 billion to investors Oak Hill Advisors and Varde, one of the sources said.
Deutsche Bank and Oak Hill declined to comment, while Varde was not immediately available for comment.
After the sale of the portfolio only a small volume of bad ship loans remain and Deutsche Bank is poised to start increasing its exposure to the sector again, one of the sources said. (Reporting by Arno Schuetze and Jonathan Saul)