User:Mehlmann/Sandbox

HSH Nordbank is a commercial bank in northern Europe with headquarters in Hamburg as well as Kiel, Germany. It is active in corporate and private banking. HSHs main focus is on shipping, transportation, real estate and renewable energy. The bank was created as a result of a merger between Hamburgische Landesbank and Landesbank Schleswig-Holstein on June 2nd 2003. HSH has significant operations in Luxembourg, New York, London and Singapore. As of 06/2008 it employed 4,909 people worldwide.

As of 06/2008 HSH had a balance sheet of EUR 204.4 bn and reported a pre-tax profit of EUR 99mn.

The shareholders are:

In the merger the City of Hamburg and the State of Schleswig-Holstein agreed to hold the majority of shares at least until End of 2013.

With the beginning of the Financial crisis of 2007-2009 HSH had to report losses on their credit investment portfolio. In September 2008 HSH announced further writedowns. As a direct consequence the CEO Hans Berger stepped down and in the following weeks HSH annouced extensive restructuring. Branches in Copenhagen and Hong-Kong were reduced to representations and new business will be focussed on the core region in northern Germany.

In December 2008 HSH was granted to issue up to EUR 30bn guaranteed notes under the german SoFFin program. One requirement that was imposed on HSH was to raise the capital ratio to at least 8%.

On January 20th 2009 EUR 3bn 3 year guaranteed notes were issued.