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HSH Nordbank approved for bailout

The EU Commission has accepted a comprehensive rescue plan for the German shipping bank, which will offload approximately USD 7 billion of its troubled assets back onto the government and privatize.

After two years of negotiation, the world's largest shipping bank has finally been thrown a lifeline.

According to Reuters, the shipping bank HSH Nordbank received a green light from the EU commission to foist its troubled assets back onto its owners, the federal states Hamburg and Schleswig-Holstein.

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