HSH Nordbank receives guarantees from SoFFin
Hamburg/Kiel, November 21, 2008 - HSH Nordbank will have access to governmental guarantees from SoFFin, the German financial market stabilisation fund, of up to EUR 30 billion. This was agreed by SoFFin and HSH Nordbank on Friday.
“This decision is a clear signal: it strengthens our bank and creates sufficient flexibility for the further development of our business model. We are working on a set of concrete measures, with which we will advance the future strategy of HSH Nordbank”, said CEO Dirk Jens Nonnenmacher.
The shareholders of HSH Nordbank will also ensure that the bank is sufficiently capitalised. The bank has a range of instruments which can be used in conjunction here. In addition to a capital injection from internal or external sources, the sale of assets is also under consideration. Through these measures, the bank’s capital is set to increase to at least 8.0 percent.
Shareholders and management will discuss the exact arrangements over the coming weeks.
“The solidarity of all shareholders reflects the unity and consistency with which they are laying the foundation for the bank’s future success”, said Chairman of the Supervisory Board, Dr. Wolfgang Peiner.
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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