Shipping bank DnB NOR sets up corporate finance unit in Singapore

Shipping bank DnB NOR is expanding its operations in Asia.

The Norwegian bank has officially opened a Asia corporate finance unit in Singapore.

The move is in response to the rising pace of mergers and acquisitions (M&A) in the shipping industry as well as an increase in stock market listings in the region.

Having just won the inaugural Maritime Service Provider Award, DnB NOR is aiming to up its market share in Asia.

Even though the shipping industry is known to be volatile, the Norwegian bank is bullish about the pace of M&A activity and stock market listings in the region.

"Our basic belief is that demand for goods and services here in Asia will be very strong because of the growth in China, India, Vietnam and so on. And that will attract shipping companies and the shipping industry here in Asia will grow," said Hans Petter Aas, Executive VP and Head of Global Shipping at DnB NOR.