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Royal Bank of Scotland pulls out of Greek shipping market

The Royal Bank of Scotland (RBS) is planning to close down its
office in Greece and to put its US$5 billion shipping loan portfolio for sale
as part of its plan to cut non-core activities and focus on domestic market,
according to Reuters.

The news comes shortly before the
Greek government led by Alexis Tsipras and the European Union agreed on a
bailout deal which, if accepted by the Greek Parliament and the European
Parliament, will keep the debt-ridden country in the EU.
RBS has been one of the premier
lenders to the shipping industry for the several decades now, and its Greek
office with some 60 employees played a crucial part in the operations.
A source familiar with the matter
was quoted as saying that RBS would not stay for much longer in Greece, and
that the bank’s shipping portfolio was for sale if a buyer could be found by
Credit: Maritime Trade Intelligence

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