Commerzbank has withdrawn from ship finance by selling its remaining loans linked to 38 ships, according to sector sources.
The business has been picked up by US private equity investor Davidson Kempner Capital Management.
The investment firm is understood to have acquired what was left of Commerzbank’s €300m ($335m) shipping portfolio with back-leverage from Bank of America Merrill Lynch.
Firm price obtained
Sources speculate that Commerzbank obtained a firm price for the portfolio of mainly performing loans.
