What will become of HSH Nordbank? | NDR.de – News

As of: 28.11.2018 18:17

by Constantin Gill

HSH Nordbank as a joint Landesbank of Schleswig-Holstein and Hamburg is a story. And soon she will call herself differently. But the concern for the bank is probably not going to stop under a new name.

Even the name "Hamburg Commercial Bank" indicates that the Hanseatic city should be the center of the bank. Therefore, it is to be feared that vacancies will be lost at the Kiel site. Unions expect that only 200 out of the 600 or so positions currently occupied will be left. CEO Stefan Ermisch told NDR Schleswig-Holstein that they would announce the December figures.

Financial scientist: "Kiel will be only a branch"

A site warranty was not a condition for the sale of HSH Nordbank. However, Ermisch said: Kiel's location must be maintained, but "oriented in such a way that it makes economic sense".

Experts are not surprised: "This was predictable because I do not think it makes sense for such a bank to keep two equivalent sites," says economist Kiel, Peter Nippel. "There will be a headquarters, which will probably be in Hamburg, and Kiel will be only a small branch."

Countries do not talk anymore

On the economic front, the former Landesbank will play a role and will employ politicians from the Kiel state parliament. Even if they are no longer allowed to have their say: "To be honest, it also means that a bank that is sold is controlled by others and not more than by us", said Finance Minister Monika Heinold.

The country is no longer co-owner of the bank. Schleswig-Holstein is no longer represented on the supervisory board. The consortium is replaced by the financial investor Cerberus.

The bank is confident

But will the Hamburg Commercial Bank be able to badert itself in the market in the future? It had struggled during the financial and maritime crisis and needed billions of dollars guaranteed by the states.

Stefan Ermisch, CEO of HSH, sees the bank prepared for the future: "With privatization, we managed to clean up all the legacy and have a tremendous base capital." The bank wants to make money as a medium-sized commercial bank, for example by lending to companies in the port sector: "We are rebuilding and developing our business according to our key skills, where we will succeed."

The European Commission, which approved the sale, is confident: "Based on the business plan of the new private owner, HSH can become a viable player in the market that will continue to support economic development in Germany", says the press release of Brussels.

Billions of euros for countries

The financial scientist Nippel is rather skeptical. The bank does not have a single point of sale, he says. "So you have to prove yourself or collaborate with other banks, and a long-term merger with another bank may be considered."

For the moment, it is clear that, even if they are not directly involved, the countries will have to bear the consequences of the financial disaster that hit SAS Nordbank for a long time.