HSH Norbank's new private ownership is now a reality. The German bank finalized its privatization process on Wednesday as the first German bank to shift from public to private ownership.
Wednesday, 94.9 percent of the bank's shares have been sold to private equity firms Cerebus Capital and J.C. Flowers, asset managers GoldenTree Asset Management and Centaurus Capital LP as well as Austrian bank BAWAG, or other financial subsidiaries belonging to these. The shift from public to private ownership is new territory for the German financial sector, says CEO Stefan Ermish, who calls this a new era for the bank.
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