Filter content by area of interest
Ports & Terminals
Port AuthoritiesContainerBulkBreakbulk/General CargoRo-Ro/AutomotiveGTOs
Cargo Handling Equipment
STS CranesYard CranesMobile CHERo-Ro EquipmentBreakbulk EquipmentLow ThroughputBulk Handling Equipment
Shipping & Logistics
Container ShippingBreakbulk/General CargoRo-Ro ShippingDry Bulk ShippingLiquid cargoesLogistics
TOSPlanning & Optimisation TechnologyWiFiMobile ComputingPort Community SystemsAsset Tracking & Monitoring
Automated EquipmentGate AutomationRemote ControlProcess Automation
RailInland WaterwaysShortsea ShippingRoadAir-Cargo
Container Industry
Container manufactureContainer leasingRepair/StorageTradingConversion/Innovation
Operations/TransportContainer leasingEquipmentM&R/Storage
General cargoProject Cargo/Heavy LiftForest productsRo-Ro/AutomotiveAgribulks
Safety & Security
InsuranceHazardous cargoLashings/SecuringLegal/Regulatory
Civil Engineering
Port & terminal construction/designCivil & Consulting EngineersDredging & ReclamationMooring & FenderingLightingPaving & Surfacing
InsuranceLegal/RegulatoryAppointments/PeopleMergers/Acquisitions/RestructuringFinance/Financial ResultsTrade & Professional AssociationsBusiness/Commerce Miscellaneous
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing 1 of your 1 guest articles

register  or  login  for full access to online news

HSH Nordbank finally sold and renamed Hamburg Commercial Bank

The troubled shipping finance bank HSH Nordbank, originally a "land" bank established and owned by the two German states (länder) of Hamburg and Schleswig-Holstein, has finally been sold. It is being renamed Hamburg Commercial Bank

Linked InTwitterFacebookeCard

A sale agreement was agreed earlier this year. The new owners are Cerberus Capital Management, J C Flowers & Co, GoldenTree Asset Management, Centaurus Capital LP and BAWAG.


The bank changed hands for a nominal price of €1.


Stefan Ermisch, the bank’s outgoing Chairman, said he was pleased that the change in ownership, which is new to the German banking sector, is the signpost of a new future for the bank.

Andreas Dressel and Monika Heinhold - relieved to be shot of it. (Photo: Die Welt)
Andreas Dressel and Monika Heinhold - relieved to be shot of it. (Photo: Die Welt)

The former owners, however, are more sanguine. Hamburg’s senator for financial affairs, Andreas Dressel, remarked: "The sale is not something to celebrate, but due to the heavy burden on our budget, at least it comes as a relief.”


This sentiment was echoed by his counterpart in Schleswig-Holstein, Monika Heinhold, who said “because of an irresponsible expansion strategy and a long line of mistakes, a state bank turned into a €1B graveyard." Accumulated losses for both states are believed to total some €13B.


Ermisch stated that the bank will have a leaner structure and should be more profitable. The number of employees will fall from 1700 to less than 1300. The ship financing portfolio has already been shrunk from €40B to €5.2B. Dodgy debts with a €6.2B book value will be sold for €2.5B to an investment group.


The new designated chairman of the bank, which will be renamed Hamburg Commercial Bank, is Juan Rodriguez from Spain’s Grupo Santander.

Linked InTwitterFacebookeCard

You may also be interested in...

ZPMC moves in

Bunking up the logs for easy moves

Pulp facts to the fore in Montevideo

Hyster clamps up on reel handling

Sizing up the breakbulk market

Getting on the intermodal track

Related Stories

Kloosterboer gets colder in Canada

Dutch-based cold chain specialist Kloosterboer has acquired Fundy Stevedoring, I...

People on the move – surprise change of CEO at Konecranes

New President for ECSA; Panu Routila leaves Konecranes; new investor relations D...

TOC Americas 2019 in Colombia

TOC Americas takes place in Cartagena de Indias, Colombia, October 29-31

Itapoá gets recognition

Porto Itapoá has won an award for raising U$116M to fund an expansion project.
Linked In