German lender Nord/LB has confirmed it has sold a huge ship-loan portfolio to Cerberus Capital Management.
The 263-vessel book - known as "Big Ben" - is worth more than EUR 2.6bn ($2.9bn), it said.
Nord/LB, which last week decided to exit ship financing, said that with the completion of the transaction, its non-performing loan (NPL) portfolio has been cut to EUR 4.9bn,
