UniCredit, Italy’s largest bank by assets, told the news agency it plans to sell some of its shipping portfolio and reduce its exposure to the industry by renewing loans very selectively.
France’s two biggest listed banks, Societe Generale and BNP Paribas, also plan to exit or shrink non-core businesses such as shipping, according to bank memos, the Reuters report said.
The developments come amid growing concern that ship financing will dry up even as the container shipping industry seeks to fund an unprecedented number of large vessels.
According to Thomson Reuters LPC data, UniCredit has already scaled down its shipping business in recent years.
“While serving as lead arranger in 12 deals with a total volume of $842 million in 2008, UniCredit organised only three deals worth $276 million altogether in 2011,” the report said.
