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Report: RBS closing in on $600M shipping loan sale

Royal Bank of Scotland Group Plc is on the verge of selling shipping loans worth at least $600 million to ORIX Corp., Joh. Berenberg Gossler & Co. KG, Bank of America Merrill Lynch and Davidson Kempner Capital Management LP, Reuters reported Dec. 21, citing "two sources familiar with the matter."

The loans, which will be sold in tranches, mostly come from the bank's Greek shipping business, one of the sources told the news agency. RBS started winding down its global shipping finance business, valued at approximately $3 billion, in September after trying to sell it for more than a year.

RBS' total shipping exposure declined to £5.51 billion at the end of the third quarter from £6.77 billion at the end of June and £6.78 billion at 2015-end, Reuters reported, citing RBS data.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corp.