HSH Nordbank seeks EU assistance

Major German shipping bank HSH Nordbank has published a first quarter interim report in which the bank stresses that it will need help from its owners to overcome past loss-inducing investments in shipping.

Back in May, HSH Nordbank consulted with its owners, the two German federal states Schleswig-Holstein and Hamburg, which own a combined 85 percent of the bank, in an effort to look at the possibilities of separating its losing shipping loans from the rest of the bank's portfolio. The aim is allegedly to give the bank a fresh start devoid of baggage from poor shipping investments of the past through capital injections from the owners - but such a model needs to be cleared by the EU Commission in order to be realized.

The bank now stresses the necessity of possibility in its first quarter interim report, published on Friday last week.

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