Commission endorses rescue aid for German HSH Nordbank

29 May 2009

Hard work needs to be done to establish a viable concept for the future of HSH Nordbank, Commissioner Kroes. “This could lead in turn to a wider restructuring and consolidation of the German Landesbank sector."

The Commission endorsed a €3 billion recapitalisation and €10 billion risk shield for the German bank HSH Nordbank. Within three months, Germany has to submit a viable plan for the future of HSH Nordbank.

 

"Some hard work needs to be done to establish a viable concept for the future of HSH Nordbank”, Competition Commissioner Neelie Kroes. “This could lead in turn to a wider restructuring and consolidation of the German Landesbanks sector .”

 

HSH Nordbank, with head offices in Hamburg, is the fifth biggest Landesbank in Germany. In its capacity as a Landesbank, HSH Nordbank acts as central bank to the savings banks. In its core region of Northern Germany HSH Nordbank acts as a commercial bank with the main focus on shipping, transportation and renewable energy.

 

Press release

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