First Citizens Bank announced its Maritime Finance group, part of the CIT division, has successfully completed the acquisition of $123 million of Greek shipping loans, sharply increasing the bank's maritime financings for clients in Greece.

The loan portfolio, which was acquired from HSBC Bank Plc, covers 11 financings involving 14 vessels and eight clients in one of the world's largest commercial shipping markets.

"We are excited to expand our presence and advance our relationships among commercial shipping clients in Greece, which has long been one of the most important markets for maritime financing globally," said Evan Cohen, managing director and group head for the CIT Maritime Finance business.

"We anticipate this transaction will open new opportunities for us to collaborate with existing shipping clients and to make new connections in this vitally important industry sector," he added.

Maritime Finance, part of First Citizens' CIT division, offers customized solutions for secured loans to a global client base of vessel owners and operators.