EuropeFinance and Insurance

HSH Nordbank confident of takeover bids

The head of HSH Nordbank, a Hamburg ship financier, expects bids to come in the next fortnight to take over the bank.

Chief executive Stefan Ermisch told German weekly WirtschaftsWoche ahead of an end-October deadline for bids, “We are very close to an economically sensible solution.”

HSH’s owners, the German states of Schleswig-Holstein and Hamburg, must privatise the bank under European state-aid rules by the end of February next year.

Ermisch told WirtschaftsWoche that a financial investor could come in for the bank.

“I expect that HSH will be the first but not the last bank that goes this route,” he said.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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