The sale of the German bank HSH Nordbank is now officially completed. The bank was sold to private equity companies, which are Cerberus Capital Management, J. C. Flowers & Co., GoldenTree Asset Management, Centaurus Capital LP and BAWAG.
On Wednesday 28 November, HSH Nordbank AG reported that it will become the first successfully privatised Landesbank in Germany. The commercial bank’s new shareholders, who are independent of each other, are Cerberus Capital Management, J. C. Flowers & Co., GoldenTree Asset Management, Centaurus Capital LP and BAWAG or investment funds launched by these.
On Monday, the European Commission approved the sale of HSH Nordbank by Länder of Hamburg and Schleswig-Holstein to private investors and the sale was conducted through an open and non-discriminatory process, according to the Commission, and resulted in a positive price without additional State aid.
The sale of all indirectly held shares (94.9% in total), which was agreed on 28 February, has, finally, been formally closed. The new shareholders acquired the remaining 5.1 percent and now hold 100% of the shares in HSH Nordbank AG.
This successful switch from public-sector to exclusively private-sector shareholders is genuinely new territory in the German banking sector and marks the beginning of a new era for our Bank.
Stefan Ermisch, CEO of HSH Nordbank, said.
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New Chairman of the Supervisory Board is Juan Rodriguez Inciarte, a highly experienced international banker, according to the press release. He acquired his outstanding expertise during successful roles at institutes including Spain’s Grupo Santander.
After being entered in the commercial register, the bank is expected to operate under the name Hamburg Commercial Bank AG from next February and to change its logo accordingly.
