First Citizens Bank announced that its Maritime Finance group, part of the CIT division, has successfully completed the acquisition of $123 million of Greek shipping loans, sharply increasing the bank’s maritime financings for clients in Greece.
The loan portfolio, which was acquired from HSBC Bank Plc, covers 11 financings involving 14 vessels and eight clients in one of the world’s largest commercial shipping markets.
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“We are excited to expand our presence and advance our relationships among commercial shipping clients in Greece, which has long been one of the most important markets for maritime financing globally,” said Evan Cohen, managing director and group head for the CIT Maritime Finance business.
“We anticipate this transaction will open new opportunities for us to collaborate with existing shipping clients and to make new connections in this vitally important industry sector,” he added.
Maritime Finance, part of First Citizens’ CIT division, offers customized solutions for secured loans to a global client base of vessel owners and operators.
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About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast.
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