Hard work needs to be done to establish a viable concept for the future of HSH Nordbank, Commissioner Kroes. “This could lead in turn to a wider restructuring and consolidation of the German Landesbank sector."
The Commission endorsed a €3 billion recapitalisation and €10 billion risk shield for the German bank HSH Nordbank. Within three months, Germany has to submit a viable plan for the future of HSH Nordbank.
"Some hard work needs to be done to establish a viable concept for the future of HSH Nordbank”, Competition Commissioner Neelie Kroes. “This could lead in turn to a wider restructuring and consolidation of the German Landesbanks sector .”
HSH Nordbank, with head offices in Hamburg, is the fifth biggest Landesbank in Germany. In its capacity as a Landesbank, HSH Nordbank acts as central bank to the savings banks. In its core region of Northern Germany HSH Nordbank acts as a commercial bank with the main focus on shipping, transportation and renewable energy.
Press release
© European Commission
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article