Supervisory Board supports HSH Nordbank Management Board plans
Hamburg/Kiel, March 9, 2009 - At today's meeting the Supervisory Board took note of and accepted the plans by HSH Nordbank's Management Board with respect to the Bank's realignment (without any dissenting votes or abstentions). It thus supports the model drafted by the Management Board over the past few weeks. "This marks another decisive step for the Bank's future", commented Supervisory Board chairman Dr. Wolfgang Peiner.
The next step will be the decision by the state parliaments of Hamburg and Schleswig-Holstein. The recommendations of the Supervisory Board to the annual general meeting about the necessary measures to increase capital are to be made subsequently.
As early as February 24, the state governments of Hamburg and Schleswig-Holstein came out in favor of HSH Nordbank's concept for the future. The plan is to focus increasingly on the home region in the corporate clients, private banking and savings banks segments, to concentrate on the German real estate market and to support and strengthen the key industries in Northern Germany (shipping, aviation, transportation and renewable energies). "Through its competence the Bank is promoting the successful branches of the economies in Schleswig-Holstein and Hamburg," said Dirk Jens Nonnenmacher, CEO of HSH Nordbank.
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