HSH Nordbank has confirmed that it has sold a loan portfolio valued at €1.64 billion ($1.76 billion), Reuters reports.
The buyer of the loans has not been revealed.
Last week, Ship & Bunker reported that HSH Nordbank has invited expressions of interest from potential buyers for the bank's public sale process.
HSH is reported to be working to offload €3.2 billion ($3.43 billion) in loans, confirming that it is pursuing sale of further problematic loans.
As Ship & Bunker previously reported, HSH Nordbank, one of the world's largest lenders for the maritime sector, has long been working to reduce its exposure to the "crisis-prone" shipping industry.
