German shipping bank Nord/LB is to start talks with potential new investors after receiving four offers last week.
It had previously said its short-list of possible buyers for a minority stake was down to below 10.
Bosses decided last night to carry out "further explorations" with the bidders, before deciding who to enter into in-depth negotiations with, it said.
The bank added it wanted to achieve the best and fastest result.
"Due to the complexity and different strategic orientation of the offers, it cannot be ruled out that a decision for a specific model can only be made at the beginning of the coming year," it said.
The lender wants to strengthen its capital to prepare for further regulatory requirements.
"Various far-reaching options are currently under consideration in this process," it said.
Funds in the running
TradeWinds reported last week that buyout group Cerberus, private equity firm Lone Star and hedge fund Davidson Kempner were in the running to invest.
And shipping company Auerbach Schifffahrt is in pole position to take over 43 multipurpose (MPP) ships being sold by Nord/LB.
The Hamburg-based MPP operator has entered into exclusive talks with the bank, with a view to taking over a fleet of ships of 5,000 dwt up to 20,000 dwt, said German sources.
Lucius Bunk-led Auerbach is understood to have teamed up with US financial partners charged with raising capital to acquire the fleet, which has an estimated value of around EUR 200m ($235m).
The deal is one of three large shipping transactions that, if concluded, should help Nord/LB reduce its shipping portfolio and its non-performing loan (NPL) exposure.
Sources said that Nord/LB is marketing two shipping loan portfolios — denominated Big Ben and Tower Bridge — worth EUR 2.5bn ($3bn) and EUR 4bn ($4.5bn), respectively.
