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Norway's DNB bank sells debt position in shipping firm Glenco

Reuters - UK Focus

OSLO, Nov 13 (Reuters) - Norwegian bank DNB (Other OTC: DNHBY - news) has sold some of the debt it held against distressed shipping firm Glenco, a bank spokesman said on Wednesday.

In recent days banks have been trying get out of the shipping sector or scale down exposure to improve their balance sheets.

The shipping industry has been in crisis for several years. A downturn in world demand has coincided with an oversupply of newly-built ships.

"We got a good offer and took this opportunity," said DNB (Oslo: DNB.OL - news) spokesman Thomas Midteide.

The spokesman declined to discuss the value of the deal or the identity of the buyer.

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"This has been a very large commitment for DNB given the long-term challenges we have seen within the dry-bulk market," he said.

The DNB sale comes after Lloyds Banking Group (Other OTC: LLDTF - news) sold a $500 million-plus portfolio of shipping loans to cut its exposure to the industry earlier this week.

Royal Bank of Scotland (LSE: RBS.L - news) is also in talks to sell an $800 million shipping loan to do the same.