HSH Nordbank terminates Omega transaction
Hamburg/Kiel, January 22, 2010 - HSH Nordbank has terminated its investment in the transactions Omega 52 and 55. The parties agreed not to disclose the termination details.
HSH Nordbank has, by terminating Omega 52 and 55, taken advantage of the recent recovery on the credit and capital markets and is simultaneously continuing with the announced unwinding of its Credit Investment Portfolio. Under the strategic realignment the Bank’s management has decided, that neither financing of the special-purpose vehicles nor the credit investment portfolio will in future belong to the core business of HSH Nordbank.
In the years 2007 and 2008, HSH Nordbank invested a total of about EUR 600 million in Omega 52 and 55. In the wake of the financial market crisis, the Bank was later on compelled to apply substantial devaluations to the investment. The termination now completed made it possible to reverse some of these devaluations amounting to a positive nine-digit figure. There will consequently be no further charges arising from the investment.
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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