Reuters: RBS confirms sale of $289m in shipping loans to Japanese firm

Japanese financial services firm Orix Corp. said the company decided to increase its exposure to shipping industry debt because it sees the “current market conditions as a favorable investment opportunity,” according to a report from Reuters.    Royal Bank of Scotland has confirmed the sale of $289 million in shipping loans to Japanese financial services firm Orix Corp., according to a report from Reuters news service.
   Orix Corp. reportedly told Reuters the company decided to increase its exposure to shipping industry debt because it sees the “current market conditions as a favorable investment opportunity.”
   “And therefore, Orix aims to increase activity in investment grade shipping-related loans held primarily in Europe, such as those involved in the current acquisition, as well as to expand its business operations in the shipping sector,” the firm said.
   RBS, which is currently in the midst of a restructuring after eight consecutive years in the red, initially tried to sell its entire Greek shipping business, valued at $3 billion at the time, according to Reuters. But the bank said last September it would wind down its global shipping business as sales efforts had proved unsuccessful.