First Citizens Bank Provides Financing to Purus Marine

NEW YORK, March 2, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Maritime Finance group, part of the CIT division, provided financing to Purus Clean Energy, a subsidiary of Purus Marine, to support the acquisition of the MV Green Power, a 40,000 cbm ammonia carrier.

Purus Marine provides innovative low-carbon maritime energy transportation and infrastructure systems by integrating people, assets and know-how. The company works closely with its customers, listening to their needs, identifying the most appropriate and cost-effective technologies, and designing and operating assets that deliver value. With its values of safety, innovation and respect, Purus aims to offer solutions that leave the world a better place. Purus has a fleet of over 50 low-carbon vessels in the offshore wind, LNG, ammonia, logistics and ferry sectors.

"We appreciate CIT's strategic insight and knowledge in developing financing in support of our acquisition of this advanced gas carrier," said Christian Nolting, head of Treasury and Banking at Purus Marine. "This acquisition aligns with our vision to deliver unparalleled maritime transportation systems in support of the maritime industry's transition to a zero-carbon and sustainable future."

"We're pleased to partner with Purus Marine to fuel transformation in the maritime sector, and we look forward to future opportunities to work together as they continue to grow and evolve within the clean energy space," said Evan Cohen, managing director and group head of Maritime Finance.

Maritime Finance, part of First Citizens' CIT division, 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. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens is the largest family-controlled bank in the United States, providing a unique legacy of strength, stability and long-term thinking that has spanned generations. We offer an array of general banking services including a network of 500-plus branches in 22 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. Discover more at firstcitizens.com.

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SOURCE CIT, a division of First Citizens Bank