Pareto Bank tightens credit policy for shipping and offshore firms

Pareto Bank ASA

26/01/2017 10:30

OSLO, Jan 26 (Reuters) - Pareto Bank  PARB.OL  said in its 
fourth-quarter results report on Thursday: 
    * Revises credit policy for shipping and offshore sector, 
will be more restrictive 
    * Maximum credit exposure within shipping and offshore is 
cut to 15 percent from 25 percent of the bank's total 
creditexposure 
    * A single segment should normally not exceed 25 percent of 
the total shipping and offshore exposure 
    * Main focus is Norwegian clients, high-quality charterers 
with transparent books and liquid second-hand tonnage 
    * Minimum equity of 45 percent (previously 30 percent) 
    * Says there is currently little competition from other 
shipping and offshore banks and credit margins are high  
    * Total credit exposure within the shipping and offshore 
sector has been reduced by NOK 129 mln to 1,407 mln (12 pct of 
total exposure, versus 15 pct in Q4 2015) 
    * Says goal for shipping and offshore sector in 2017: net 
growth of approximately NOK 200 mln 
 
    For full Q4 results, see: urn:newsml:reuters.com:*:nFWN1FG09J  
 
 (Reporting by Camilla Knudsen, editing by Gwladys Fouche) 
 ((camilla.knudsen@thomsonreuters.com; +47 2331 6595; Reuters 
Messaging: camilla.knudsen.thomsonreuters.com@reuters.net)) 
 
Keywords: PARETO RESULTS/