HSH Nordbank fills two key executive positions

Hamburg/Kiel, October 20, 2009 - HSH Nordbank has strengthened its senior management team substantially.

The Supervisory Board has appointed Constantin von Oesterreich (56) as the Bank’s CRO effective November 1, 2009 for a three-year period. Mr. von Oesterreich is a proven risk-management expert. He joined Deutsche Bank in 1973. Since 1987 he has worked in its credit-risk management unit and held various executive positions in Frankfurt, Singapore and London. Among other things, Mr. Oesterreich was Global Head of Credit Risk Management Developed Markets of Deutsche Bank’s investment arm. Most recently, he was responsible for the credit-risk management of real estate outside The Americas.

Dr. Martin van Gemmeren (39) was appointed member of the Management Board and Head of the Restructuring Unit for a period of 3 years. From 1996 to 2006 Dr. van Gemmeren worked as a consultant and, later on, partner of management consultancy McKinsey & Company. The scope of his activities included the banking and insurance sectors with a focus on risk management. In this capacity, he also advised the Institutional Restructuring Unit (IRU) of Dresdner Bank. Dr. van Gemmeren has been working for HSH Nordbank since October 2006. Most recently, he was responsible among other things for the restructuring business and made a crucial contribution to the project aimed at establishing the Restructuring Unit.

"Our employees have taken further extensive steps toward implementing the restructuring plan in recent months, and some excellent work has been done. With our new colleagues on the Management Board we will increase our efforts to take the overall project further," said CEO Nonnenmacher.