Maritime & Merchant Bank ASA (M&M)[ds_preview], a new niche bank for the shipping and offshore sector, opened its doors for business.
»We are very pleased to be able to start serving our customers,« says M&M CEO Halvor Sveen. He extends his thanks to M&M’s stakeholders: »We are fortunate to have supportive owners and stakeholders, in both our founding fathers and new investors. They have made it possible to realize the plans for a new specialized bank«.
M&M is backed by major players which includes Henning Oldendorff (Oldendorff Carriers), shipping tycoon Arne Blystad, the investment banker Endre Rosjo, the former Torm boss Klaus Kjaerulff and ex-DVB banker Dagfinn Lunde.
The sustained tight credit market for the maritime sector has left many companies owners seeking financing with few alternatives. M&M was formed to fill a need for a specialized bank with experience in shipping and offshore. The niche bank will provide secured lending in the form of 1st priority terms loans.
