Reuters is reporting that Germany’s HSH Nordbank has been in London meeting with potential buyers of the troubled German ship financier, with acquisitive Chinese firms to the fore.
HSH Nordbank, saddled by hundreds of millions of poor performing shipping loans, is looking to privatise next year. Reuters reports senior management has met with officials from Bank of China, while China Merchants Bank is likely to also show interest in the German bank. Buyout firms including Apollo and Lone Star have also had meetings with HSH.
HSH’s owners are the northern German states of Schleswig-Holstein and Hamburg who jointly hold 85% of the bank. They have appointed Citi to push through its sale.