HSH Nordbank ready to let go of heavy German shipping legacy

Germany's HSH Nordbank has sold non-performing shipping loans for billions of euros as part of the impending privatization of the bank. In an interview, chief risk officer Ulrik Lackschewitz talks to ShippingWatch about the banks future in shipping.

Photo: HSH Nordbank

The requirement from the EU Commission was clear. A solution needed to be found for the non-performing loans, totaling billions of euros, which major German bank HSH Nordbank was holding a few years ago. At the time, the bank almost EUR 15 billion loaned out to crisis-stricken companies, many of which were hit hard by the financial crisis of 2008.

This problem looks set to be resolved with the impending privatization of HSH Nordbank, which in February reached an agreement with a group of funds which are prepared to take over the bank once a final agreement is settled during the summer.

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