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| DnB NOR President and CEO Rune Bjerke |
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As China continues to rise in the international shipping industry, Norwegian financial services group DnB NOR is also riding a tide of increased long-term clients and a diverse customer base in the Chinese market.
After starting its China operation 25 years ago, the shipping lender has a head start over competitors to provide services to the shipping sector and beyond.
“We are very satisfied with our presence in China. We see a need for a bank like DnB NOR in China due to the fact that we are one of the world’s leading shipping banks. We have clear ambitions to broaden our activities in the shipping, energy and seafood industries,” says President and CEO Rune Bjerke.
In 1982, it became one of the first Western banks to open a representative office in Beijing. The banking giant now operates a full-service branch in Shanghai that provides a wide range of financial services.
Since the opening of the Shanghai branch, DnB NOR has experienced rapid growth, reporting recordbreaking figures every month.
“Shipping is the key driver behind our establishment in Shanghai and we have been able to gain quite a few new clients in the region,” says Bjerke. “We are able to provide valuable advice to both local and international clients who want to establish themselves in China.”
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| A DnB Nor ad placed by a highway in Shanghai |
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“It is the deep knowledge and competence we possess in 10 different shipping segments that add value for our clients. We have broad knowledge when it comes to the needs of our clients and those delivering services to the shipping industry. We have all the products relevant for the players in that market,” he adds.
In China, DnB NOR’s strategy to increase international revenues is through ship financing, “but we like to say we are a relationship bank, not a bank that just finances shipping projects”, Bjerke says. “We aim to establish a relationship with the client and then develop the business based upon that relationship.”
“When we consider risks, we are looking for the cash flow rather than the value of the ships. That is the specific DnB NOR way of doing business. The quality in the lending portfolio is never compromised. When you are a lender in the shipping industry, you can go for a relationship-oriented model or project financing oriented model. We are definitely a relationship bank,” he says.
www.dnbnor.com |