Independent journal on economy and transport policy
19:42 GMT+2
Crisis in Shipping Industry Could See Banks Lose Billions
(The East African)
January 13, 1999
by Paul Redfern The Eastafrican
THE GROWING crisis in the world shipping industry could force some of the world's top banks to make major loss provisions in their loan portfolios.
Estimates put global loans outstanding to banks at around $80 billion. Some of the most heavily exposed are Citibank, the Royal Bank of Scotland and HSBC.
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