ABN AMRO has agreed to sell a portfolio of intermodal and shipping loans in the United States, with a total volume of around 700 million US dollars (as at 30 June 2021) to Credit Agricole CIB.
The sale accelerates the wind-down of the bank’s non-core activities. As announced in August 2020, ABN AMRO is withdrawing from financing US transportation companies. The bank remains strongly committed as a financier for the European shipping sector.
The loans will be sold at around book value, resulting in a negligible impact on the third-quarter profit and loss and a small positive impact on the bank’s capital ratios. The transaction is subject to the approval of the relevant stakeholders, which is expected in the course of the coming months.