Mark Bussmann leaving HSH Nordbank
Hamburg/Kiel, September 27, 2011 - Mark Bussmann, Head of the Divestments BU at HSH Nordbank, wants to pursue fresh career challenges and is therefore leaving the Bank at his own request.
Following the Management Board's explicit request, Mr. Bussmann will remain at the Bank in his current position until 31 March 2012.
Since joining the Group in spring 2008, Mark Bussmann has essentially been responsible for winding down the capital market business of HSH Nordbank, which is no longer defined as being strategic. So far, under his leadership the size of the portfolio has been reduced from the previous figure of approx. 50 billion euros to 23 billion euros. The focus of Mr. Bussmann's activities within the Restructuring Unit, which pools all of HSH Nordbank's wind-down portfolios, was on the wind-down and risk reduction of the structured Credit Investment Portfolio of HSH Nordbank, which is spread over several international locations.
"We would like to thank Mr. Bussmann expressly for his work during an extremely difficult phase for the Bank. Mr. Bussmann has played an important part in ensuring that the Bank wound down its risk assets with minimum disruption to the Bank's earnings and faster than planned. In so doing, he has accomplished much for the Bank," stated Martin van Gemmeren, member of HSH Nordbank's Management Board with responsibility for the Restructuring Unit.
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
This press information can contain forward-looking statements. These statements are based on our beliefs and assumptions, on information currently available to us which we consider reliable. Forward-looking statements include all statements which are not historical facts, including information concerning future growth prospects and future economic developments.
Such forward-looking statements are based on assumptions relating to future events and are subject to uncertainties, risks and other factors, a large number we cannot influence. Thus actual events can differ considerably from the forward-looking statements made. We make no warranty for the correctness or completeness of these statements or the actual occurrence of the statements made. Furthermore, we assume no obligation for updating the forward-looking statements after this information has been published.