Deutsche Bank sells $1 billion ship loan portfolio to Oak Hill and Varde

FRANKFURT (Reuters) - Deutsche Bank <DBKGn.DE> is selling a $1 billion portfolio of legacy shipping loans to an entity owned by funds managed by Oak Hill Advisors and Varde Partners, it said on Tuesday.

The transaction is expected to close in the third quarter, subject to regulatory approvals, Deutsche Bank said in a statement.

Reuters had reported last week that the sale of the portfolio to the two groups was imminent.

(Reporting by Arno Schuetze; Editing by Tom Sims)