Chief Executive Officer Hans Berger resigns
Prof. Dr. Dirk Jens Nonnenmacher to take over until further notice
Hamburg/Kiel, November 10, 2008 - Due to the impact of the crisis on the financial markets on HSH Nordbank, CEO Hans Berger has handed in his resignation to the Chairman of the Supervisory Board and the stockholders of the Bank.
“The Management Board failed to foresee the degree of intensity and duration of the crisis and the risks for the Bank’s earnings that have come to light. Since the 3rd quarter, writedowns and impairments on investments have exceeded the Bank’s operating income. In spite of positive results in its core areas of business, the Bank will therefore post a negative result this year as a consequence of individual capital-market transactions and the general trend on capital markets. I take responsibility for this“, said Hans Berger.
Dr. Wolfgang Peiner, Chairman of the HSH Nordbank Supervisory Board, stated: “The Supervisory Board and stockholders have accepted the offered resignation. I would like to thank Hans Berger for his many years of commitment to the Bank and its predecessor, Landesbank Schleswig-Holstein. His offer to resign testifies to his integrity and understanding of corporate responsibility.”
The Chairman of the Supervisory Board and stockholder representatives will ask Prof. Dr. Dirk Jens Nonnenmacher to take over management of the Bank until further notice and will make a corresponding proposal to the Supervisory Board. Prof. Dr. Nonnenmacher has been a member of the Management Board as Chief Financial Officer since October 01, 2007. In appointing Prof. Dr. Nonnenmacher, the Supervisory Board underlines the fact that the tasks of risk controlling and risk management have top priority against the backdrop of the crisis on the financial markets.
In addition, the Supervisory Board has commissioned the Bank’s new auditor, KPMG, to review all major capital-market transactions with a view to their balance sheet risk together with Prof. Dr. Nonnenmacher, over and above the normal audit of financial statements”.
Dr. Peiner commented: “HSH Nordbank has a successful business model in place. It is no longer a conventional Landesbank, but a commercial bank with a clear strategic alignment. Its main focus is and remains on lending to North German companies and ship finance. Its profile was enhanced by the decisions taken by the Management Board and Supervisory Board in the summer of this year to concentrate on core areas of business and reduce costs as a reaction to the crisis on the financial markets. Clients and staff can depend on this strategy”.
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.
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