First Citizens Bank Provides $33 Million in Financing to MSea Capital

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Jul 11, 2023, 09:00 ET

NEW YORK, July 11, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Maritime Finance business arranged up to $33 million for affiliates of MSea Capital to refinance MR product tankers.

MSea Capital founded in 2012 is an international maritime investment and asset manager with expertise in tanker and commodity shipping.

"We are very satisfied with the expertise demonstrated by CIT's Maritime Finance team and their support in helping further position our commercial vessels," said Capt. Debashish Bhattacharya, fleet managing director at MSea Capital.

"We were pleased to leverage our experience on behalf of MSea, which is well recognized throughout the industry for their success in ship operation and management," said Evan Cohen, managing director and group head of Maritime Finance at First Citizens Bank. "We look forward to developing this relationship as they continue to grow their portfolio."

Maritime Finance offers customized solutions for secured loans to a global client base of vessel owners and operators.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.

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SOURCE First Citizens Bank