The Royal Bank of Scotland is set to wind up its shipping business after failing to find a buyer.
State-backed RBS has been looking to sell off its shipping book, with efforts to shift its Greek division catching the greatest media attention.
Between 20 and 25 shipping jobs will be lost with a team of around 10 retained to oversee the final work, Reuters reports.
"In line with the bank’s strategy to create a simpler, stronger, and more sustainable bank, better aligned to the needs of our customers in the UK and Western Europe, we are commencing the wind down of our shipping business," an RBS spokesperson told the news wire.
"We understand how difficult this will be for our staff and we will be offering support to those affected, including redeploying people in to other positions where we can."
RBS shipping executives toured Asia this summer in a bid to hunt out buyers, wth Orix and Sumitomo mentioned as those to have sat across the table.
Having taken further provisions in the first half of this year, particularly on its dry cargo exposure, the bank has now reached the end of the road with shipping.
At the end of the first half of 2016 RBS was carrying provisions of £445m related to its shipping business.
It follows a charge of £264m in the first half of this year to guard against future losses.
Some £5.9bn of its £6.7bn shipping portfolio is within its Capital Resolution section, the so-called bad bank.
