HSH Nordbank, the major state-owned German lender in global shipping, has taken the first step towards a privatization, which the EU Commission has made a requirement in order to approve a new, massive capital injection into the bank.
Several investment banks, according to sources at news agency Reuters, have announced their arrival in the hopes of becoming involved in the process of selling the struggling bank. HSH Nordbank ran into trouble during the financial recession when the bottom fell out from under the shipping markets and ship values plunged.
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