Bank of Ireland has set up a ‘maritime industries’ unit to conduct business in the international ship finance market.
The operation, headed by ex-ING and KBC man Paul Packard, has already secured a $23 million slice of an $800 million multi-currency facility from Bergesen, the Norwegian shipping concern.
For the first $200 million of new business the focus will be on established, corporate shipping groups to whom it hopes to gain exposure through participation in syndicates.
Eventually Packard hopes to increase the fledgling operation’s portfolio to $500 million and envisages moving into ports and logistics also.
At the outset the bank is likely to restrict its marketing effort to Europe - from Norway in the north to Greece in the south. However, Packard did confirm that if the bank were approached with business originating in other areas they would ‘naturally’ consider this too.
The Bank of Ireland team will initially include a senior executive from within the Bank and an additional, middle office support person is likely to be added later in the year. |
