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HSH Nordbank CEO: New owners mark a new era

HSH Nordbank's new owners were announced Wednesday this week. The bank's CEO, Stefan Ermisch, describes the privatization as the beginning of a new era. "This will open up new possibilities for us to compete in the market without the current EU restrictions."

With its new ownership settled, German shipping bank HSH Nordbank is ready for a fresh start. CEO Stefan Ermisch describes the long-awaited privatization of the bank as a new era following Wednesday's announcement that a consortium of financial investors has acquired the bank for EUR 1 billion.

The German states of Hamburg and Schleswig-Holstein have been negotiating since January with investment funds Cerberus and J.C. Flowers, and it emerged yesterday, Wednesday, that another three investors are involved in the purchase, namely GoldenTree Asset Management, Centaurus Capital and Austrian bank Bawag.

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