First Citizens Bank has announced that its Maritime Finance group, part of the CIT department, has successfully closed a $123 million acquisition of Greek shipping loans, increasing the bank’s shipping financing for clients in Greece.
This is the loan portfolio, which it acquired from HSBC and which was sold separately from the other activities of the bank in Greece.
It covers 11 financings concerning 14 ships and eight customers.
“We are excited to expand our presence and strengthen our relationships with merchant shipping customers in Greece, which has long been one of the most important markets for shipping finance worldwide,” said Evan Cohen, managing director and head of the CIT Maritime Finance department.
“We expect that this transaction will open up new opportunities for us to work with existing shipping customers and make new contacts in this vital industry sector,” he added.
