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RBS receives bids for Greek shipping business

The Royal Bank of Scotland has received bids for its Greek ship finance business, banking and financial, according to media reports, following a leap in bad shipping debts at the lender over the past few months. The operation was worth about $3 billion according to sources in the shipping business who said that problems with lending to the industry, much of which is in a deep downturn, would affect the value of what could be recouped via a sale. Credit Suisse and China Merchants were among the suitors bidding, the sources said. The British bank, which was rescued with a 46 billion-pound government bailout during the financial crisis, had previously been a top lender to the global shipping industry and its Greek office played a pivotal role. The business also includes a banking license as well as about 40 staff.

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china merchants,credit suisse,london's baltic exchange,Royal Bank of Scotland,Greek Shipping,Ship Financing,Stake Sale