Norton Rose Fulbright advises NIBC on sale of US $1 billion shipping portfolio to Hamburg Commercial Bank

Global law firm Norton Rose Fulbright has advised Dutch bank NIBC on an agreement to sell its US $992 million portfolio of shipping loans and related derivatives to Hamburg Commercial Bank (HCOB).

Economic completion of the deal – which was carried out through a multi-phase, competitive auction process - took place on June 27, 2024, though full legal transfer of the loan book will continue throughout the rest of 2024.

As part the agreement, a team of NIBC’s ship finance professionals will transfer over to HCOB and it will also establish a new Dutch representative office. 

Norton Rose Fulbright advised NIBC on all English and Dutch law aspects of the transaction, including the optimal legal structure for the sale of the business and the transfer of the loans, derivatives and related agency functions. It also advised on Dutch employment law, competition and anti-trust rules and GDPR issues. 

The multi-jurisdictional Norton Rose Fulbright team advising on the deal was co-led by London-based corporate partner Alan Bainbridge and ship finance partner Simon Lew, and included more than 25 lawyers from the firm’s Amsterdam, Hamburg and London offices.

Partner Simon Lew said: 

“We were delighted to support on this important strategic deal for our client, NIBC, which is focusing on accelerating growth and further investing in its key business segments. Our team was made up of highly experienced lawyers from multiple practice areas and jurisdictions – including the UK, Netherlands and Germany - enabling us to provide in depth advice on all aspects of this complex transaction.” 

Norton Rose Fulbright is one of the few global law firms able to provide the full range of legal services required in today’s shipping industry. Our global lawyers work for banks, lessors, brokers, owners and operators worldwide on all aspects of corporate shipping transactions - including mergers and acquisitions, complex finance and leasing deals and ship sales, acquisitions and charter transactions.