EuropeFinance and Insurance

HSH taps finance veteran to handle toxic loans

Ship finance whizz Ulrike Helfer has been appointed to head up hsh portfolio-management AöR, the entity to which HSH Nordbank transferred its €5bn portfolio of non-performing loans in early July.

Helfer has been a member of the Kiel-based vehicle’s board of managing directors since last month, alongside Karl-Hermann Witte and Sibylle Rogge Camp.

Her career in banking spans 35 years and she has specialised in ship finance since 2000, most recently as head of DVB Bank’s Athens office and the bank’s exclusive representative in Greece, a position she held for over four years.

hsh portfolio-management AöR itself is 50% owned by the German states of Hamburg and Schleswig-Holstein and was established to help stabilise HSH Nordbank.

The German bank is reducing its troubled assets in line with the recently completed EU state aid proceedings. In winding down its pure shipping loan portfolio of 256 ships, it hopes to become less dependent on the US dollar and therefore less exposed to currency market fluctuations.



Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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