Hamburg Commercial Bank

from Wikipedia, the free encyclopedia
  Hamburg Commercial Bank AG
logo
HSH Nordbank in Kiel
Country GermanyGermany Germany
Seat Hamburg and Kiel
legal form Corporation
Bank code 210 500 00
BIC HSHN DEHH XXX
founding June 2, 2003
Website www.hcob-bank.de
Business data 2018
Total assets 55 billion euros
insoles 16.7 billion euros
Customer credit 28.4 billion euros
Employee 1,716 (full-time employees, worldwide)
management
Board Stefan Ermisch (CEO)
Supervisory board Juan R. Inciarte (Chairman)
Logo replaced in February 2019
Logo replaced in 2012

The Hamburg Commercial Bank AG (until February 2019 HSH Nordbank - HSH stood for Hamburgisch - Schleswig-Holstein ), the first privatized regional bank in Germany with headquarters in Hamburg and Kiel and offices in five other German cities. Foreign branches are located in Athens and Singapore . It is a leading bank for business customers in Hamburg and Schleswig-Holstein. As an international specialist financier, the focus is on renewable energies, real estate, transport and infrastructure.

The former Landesbank emerged from the merger of the Landesbanken of Hamburg and Schleswig-Holstein in 2003 and had to contend with many crises and scandals in its short history. After of the countries with billions expense before a two-time bankruptcy was rescued, she had instructed EU Commission sold or because of state aid to their rescue after the financial crisis to March 2018, the settled will. In November 2018, the bank was sold to an American investor group led by the US hedge fund Cerberus for around one billion euros .

history

Emergence

HSH Nordbank was created on June 2, 2003 through the merger of two Landesbanks , the Hamburgische Landesbank and the Landesbank Schleswig-Holstein. After it was founded in 2003, HSH Nordbank belonged to 35 percent Hamburg, 20 percent Schleswig-Holstein, 18 percent to the savings banks in Schleswig-Holstein and 27 percent to WestLB .

Effects of the financial crisis

In 2005, HSH Nordbank, like all savings banks and Landesbanken , lost the privilege of state liability . In the course of the financial crisis , HSH Nordbank had to carry out value adjustments ; the total depreciation as of September 2008 amounted to around 1.1 billion euros, according to press reports. It thus had charges ( income statement plus revaluation reserve) in the amount of 2.4 billion euros on its books.

On October 24, 2008, the Schleswig-Holstein finance minister Rainer Wiegard ( Cabinet Carstensen I , 2005–2009, a large coalition of CDU and SPD) confirmed to Norddeutscher Rundfunk that HSH Nordbank would have to use the German financial market stabilization fund. On November 3, 2008, HSH Nordbank announced in a press release that it had applied to the Financial Market Stabilization Agency (SoFFin) for liquidity assistance in the form of guarantees for the issue of new debt securities totaling 30 billion euros. SoFFin granted this liquidity guarantee. On November 10, 2008, Hans Berger resigned from his position as CEO of HSH Nordbank due to the financial market crisis. Dirk Jens Nonnenmacher became the new CEO ; he was Chief Financial Officer (CFO) since October 1, 2007 .

As of December 31, 2008, HSH had total assets of EUR 208 billion and risk-weighted assets of EUR 112 billion and employed around 4,300 people. Despite the effects of the financial crisis and the use of SoFFin funds, HSH Nordbank initially wanted to pay out a dividend of 70 million euros for 2008 . The bank argued that otherwise institutional investors would withdraw their shares in HSH Nordbank. This project was abandoned under pressure from the EU in March; no dividend was paid.

On February 24, 2009, the state governments of Schleswig-Holstein and Hamburg decided in a joint cabinet meeting on a rescue package for HSH Nordbank, which includes a capital injection of three billion euros (1.5 billion per federal state) and a second loss risk shield in A large part of the balance sheet includes an amount of ten billion euros. On April 30, 2009, Germany notified the EU Commission of the measures for approval, which they confirmed on May 29, 2009. On May 6, 2009, the US rating agency Standard & Poor’s downgraded HSH 's rating by two notches from (A) to (BBB +) with a negative outlook. In July 2009 it was announced that the CEO of HSH Nordbank, Dirk Jens Nonnenmacher, would receive bonus payments of 2.9 million euros despite the financial situation of his institute. On September 1, 2009, Germany notified the EU Commission of a restructuring plan drawn up by the bank. This should restore long-term profitability. This plan provided for around 40 to 60% of all HSH assets to be outsourced to an internal bad bank .

On October 13, 2009 NDR Info reported that Nonnenmacher was informed about the 500 million loss business that brought HSH to the brink of bankruptcy. On December 15, 2010 it was announced that Nonnenmacher would leave HSH Nordbank on March 31, 2011. He was succeeded by Paul Lerbinger (until October 31, 2012).

Public Prosecutor and Parliamentary Committee of Inquiry

In June 2009, the establishment of a parliamentary committee of inquiry was decided in both the Schleswig-Holstein state parliament and the Hamburg parliament . There the circumstances of the HSH Nordbank crisis are to be clarified. In August 2009, said prosecutor Hamburg that the Department Economic Crime of the Office of Criminal Investigation (LKA) have set up a ten-member special group of eight LKA officials and two prosecutors. It will be determined “in the direction of infidelity and falsification of accounts ”. At the beginning of February 2010 Nonnenmacher testified for the first time as a witness before the investigative committee of the citizens. He defended controversial financial transactions - in these financial transactions, for example, “Nordbank outsourced risky real estate loans to a specially created subsidiary on the Channel Island of Jersey . The loans were insured by the French BNP Paribas and then linked together with loans and securitized loan portfolios of BNP to form the Omega 55 construct. The Nordbank was able to outsource risks for a few months (so that the risks do not appear in the 2007 balance sheet and have a possible influence on the Hamburg parliamentary elections on February 24, 2008 ), but in return negotiated others and had to write off several hundred million euros ... " - These transactions had a total value of 17 billion euros, according to the taz . Nonnenmacher admitted HSH Nordbank's mistakes. His institute “did not always work carefully” and “put Hamburg and Schleswig-Holstein in a difficult position”. However, he indirectly rejected any personal responsibility for the crisis. According to his assessment, the money house will probably only become profitable again in 2011.

The "Report and resolution recommendation of the First Parliamentary Investigation Committee HSH Nordbank" has been available since August 15, 2011.

Summary:

"27 interrogated witnesses, 50,000 pages of files and 800,000 euros in costs: The Kiel investigative committee on HSH Nordbank has [...] submitted its final report after almost two years. In it, the parliamentarians are not calling for any personal consequences from the Landesbank's crisis, but instead advocate greater influence of the state HSH shareholders on the supervisory board, greater risk participation by managers and a sale of the state's shares in the bank. For the billions in losses of the bank, which was saved by Hamburg and Schleswig-Holstein with three billion euros from bankruptcy, there is not a single culprit, said SPD chairman Jürgen Weber . Nobody is 'free of responsibility', said Weber when presenting the 439-page report. The parliamentarians see a complicity in the bank managers, the supervisory board, rating agencies, the banking supervision as well as in state politics. "

Trial because of "Omega 55"

Since July 24, 2013, six board members of HSH Nordbank who were in office in 2007 had to answer for embezzlement of bank assets in a particularly serious case before the Large Commercial Criminal Chamber 8 of the Hamburg Regional Court . “Omega 55” was at the center of the process.

The charges were:

  • Hans Berger, who was CEO of HSH Nordbank in December 2007 when the Omega 55 deal was decided. Berger resigned in November 2008.
  • Dirk Jens Nonnenmacher, who has been a member of the Bank's Management Board since October 2007. As the board member for finance and taxes, Nonnenmacher was supposed to prepare the planned IPO of HSH Nordbank. In November 2008 he succeeded Berger as CEO.
  • Peter Rieck, who as (then) Deputy Chairman of the Management Board a. a. was responsible for the areas of shipping, transport, real estate customers and the branches in America and Asia.
  • Jochen Friedrich, who had been on the HSH Board of Management for six months in December 2007 and was responsible for investment management and the capital market as well as the London branch.
  • Hartmut Strauss, who (at that time) was responsible for the bank's risk management.
  • Bernhard Visker, member of the board since January 2007; Visker was responsible for corporate and real estate customers, private banking and savings banks.

This was the first time that the entire board of a bank was on trial.

The defendants were accused of "having approved the complex 'Omega 55' financial transaction as members of the Board of Management of HSH Nordbank AG in December 2007, although the loan application submitted to them did not allow a comprehensive assessment of the opportunities and risks of the business". I.a. an improvement in regulatory capital ratios aimed at by the bank in general could not be achieved due to the structure of this transaction. The loan application also did not contain any meaningful information about the earnings and cost situation of the business. The public prosecutor put the damage at 158 ​​million euros.

The Chamber accused two of the defendants (Nonnenmacher and Friedrich) also deliberately misrepresenting balance sheets. In the quarterly interim report for the HSH Group dated March 31, 2008 and in a press release dated June 20, 2008, a surplus of 81 million euros was reported, whereas in reality there was a deficit of 31 million euros. The balance sheet was later corrected and then showed a loss of 77 million euros. The allegation is that the two defendants deliberately wrongly prepared the balance sheet.

On July 9, 2014, the trial ended with an acquittal for the defendants. The public prosecutor appealed against the judgment to the Federal Court of Justice.

The Federal Court of Justice overturned the judgment on October 12, 2016 and referred the proceedings back to the Hamburg Regional Court for a new hearing.

On June 5, 2019, the responsible commercial criminal chamber decided, with the consent of the defendants concerned and the public prosecutor, to provisionally suspend the criminal proceedings against five of the six accused former Management Board members of HSH Nordbank AG against monetary obligations totaling 4.85 million euros. Peter Rieck declined a monetary issue of 1.5 million euros.

Aid to tax evasion

In mid-2015, HSH Nordbank agreed with the Cologne Public Prosecutor's Office on a fine of more than 22 million euros so that proceedings against the bank for aiding and abetting tax evasion could be closed. From 2005 at the latest, HSH Nordbank had been helping rich customers to move assets to mailbox companies in Panama via a subsidiary in Luxembourg. The Luxembourg subsidiary was sold in 2011.

As early as 2013, HSH Nordbank had admitted that between 2008 and 2011 it had helped its customers with so-called cum-ex deals to get a total of up to 112 million euros in capital gains tax refunded, possibly unfounded. In the 2013 annual financial statements, the bank set up a tax provision of EUR 127 million for these transactions, including interest. Die Zeit commented that business to the detriment of the state began exactly at the same time as the state rescued the bank from the crisis.

Incorrect accounting

The German Audit Office for Accounting (DPR) has determined that the consolidated financial statements of HSH Nordbank AG audited by the auditing company KPMG as of December 31, 2008 and December 31, 2009 were incorrect.

  • Scope of consolidation: 270 subsidiaries, joint ventures and associated companies were not included in the consolidated financial statements as of December 31, 2008 and 323 in the consolidated financial statements as of December 31, 2009. In assessing whether the companies not included were material, quantitative aspects (e.g. effects on individual items in the financial statements) and qualitative aspects (e.g. investments in financial vehicles) were not sufficiently taken into account. The non-inclusion of subsidiaries, joint ventures and associated companies violates the principle of full inclusion in accordance with international accounting standards.
  • Goodwill: In addition to these errors in the scope of consolidation, the goodwill of the investments was overestimated. The pre-tax earnings for 2008 and equity as of December 31, 2008 were 100 million euros too high; the equity as of December 31, 2009 was 56 million euros too high.
  • Management's cash flow forecasts in the notes to the consolidated financial statements as of December 31, 2008 and 2009 were not substantiated. The cash-generating units and the description of the main assumptions and the period were missing.
  • Violation of disclosure requirements and requirements of the IAS : In the consolidated financial statements as of December 31, 2008, individual accounting requirements and disclosure requirements of the international accounting standards were violated. In summary, this means that the consolidated net loss for the year was shown too low by 140 million euros. This concerned in detail:
    • the subordinated capital and related derivatives
    • Leasing transactions
    • Loans and advances to customers
    • the revaluation reserve
    • the volume of credit risk exposure
    • the formation of classes of financial instruments
    • the foreign exchange result
    • Interest rate currency swaps
    • Financial assets
    • intangible assets
    • the remaining terms of other provisions
    • the gross carrying amounts of impaired financial assets
    • collateral received and transferred
  • Overvaluation of financial instruments: In the consolidated financial statements as of December 31, 2009, seven securities allocated to the categories “Loans and receivables” and “Available for sale” were overvalued by 64 million euros and the consolidated result was accordingly too high.
  • Missing information in the notes to the consolidated financial statements: In the consolidated financial statements as of December 31, 2009, disclosure requirements and disclosure requirements in accordance with international accounting standards were violated. The incorrect accounting of the consolidated financial statements continued in the following year. In the consolidated financial statements of HSH Nordbank published on April 12, 2011 for the business year January 1 to December 31, 2010, for example, a loss of EUR 5.3 million was reported for “ gardeur Beteiligungs GmbH”. However, according to the Federal Gazette, this is the result of Gardeur Beteiligungs GmbH from the financial year October 1, 2008 to September 30, 2009. The annual result of the Gardeur Group generated in the relevant financial year October 1, 2009 to September 30, 2010 did not flow into the HSH Consolidated Financial Statements. This also concerned information
    • on the maturity structure of the subordinated capital
    • to categorize certificates of a structured transaction
    • at the book values ​​of customer receivables transferred as collateral
    • the amount of the reclassified securities

Government aid, rescue and sales

In October 2015 it became known that the federal states of Hamburg and Schleswig-Holstein reached an agreement with the EU Commission on the conversion of HSH Nordbank. The EU Commission officially ended the state aid proceedings initiated in 2013 in May 2016. On December 9, 2015, the Hamburg citizenship approved loans of 16.2 billion euros to rescue the ailing HSH Nordbank.

As a result of this state aid, the bank had to be sold or liquidated by March 2018 according to a specification by the EU . On February 28, 2018, it was announced that the bank was to be sold for around one billion euros to an American investor group led by the US hedge fund Cerberus . The buyers are Cerberus, Flowers, Golden Tree, Centaurus Capital and the Austrian Bawag-Bank, which is majority owned by Cerberus and Golden Tree. Flowers already held a good five percent in HSH before the takeover. Ultimately, the 15-year history of HSH has cost taxpayers at least 13 billion euros. The exact amount will only be known after years, when the non-performing loan agreements that the countries took over in the run-up to the sale have been settled.

In May 2018, the Association of German Banks (BdB), representing the interests of private credit institutions, saw a need for clarification on the question of when the privatized HSH Nordbank would enjoy the full deposit protection of private banks. The BdB emphasized that HSH Nordbank would only receive full depositor protection after five years. According to the statutes of the deposit insurance, a liability limitation of 250,000 euros per investor applies to new admissions in the first three years. The sale is the first takeover of a Landesbank by private investors. The federal states of Hamburg and Schleswig-Holstein and the Sparkassen-Finanzgruppe want to dispose of major risks by selling them. The private banks are looking for transparency about the risks that their deposit guarantee system would entail. There is a lack of that. The approximately 500-page contract contains many blackened parts. According to the contract, HSH Nordbank's membership in the private deposit insurance fund is not a condition for the completion of the sale, but the approval procedure of the European banking supervisory authority is then open.

hsh-Portfolio-Management AöR

Hsh-Portfolio-Management AöR was founded in 2016 to relieve HSH Nordbank . As an institution under public law owned by the states of Schleswig-Holstein and Hamburg, it is supposed to reduce the non-performing loans that the citizens had to take over in a "value-conserving manner" - with the "greatest possible safeguarding of the financial interests of the states".

Ownership structure

proportion of Shareholders
42.5% Cerberus Capital Management
35.0% JC Flowers & Co. LLC
12.5% GoldenTree Asset Management
7.5% Centaurus Capital
2.5% Bawag PSK

As of November 25, 2018

In August 2006 it became known that the financial investor JC Flowers & Co. LLC (USA) was buying WestLB's stake in HSH Nordbank. This was the first investment by an external company in a German Landesbank. At that time, Alexander Stuhlmann was CEO of HSH. In Schleswig-Holstein, a grand coalition ruled under Prime Minister Peter Harry Carstensen ( Cabinet Carstensen I from April 27, 2005 to October 27, 2009) and in Hamburg a CDU Senate under Ole von Beust (CDU, Senate von Beust II March 17 2004 to May 7, 2008).

In 2007 and 2008, the state of Schleswig-Holstein and other owners of HSH aimed for HSH to go public . With the financial crisis from 2007 and the business development of HSH, these plans became obsolete.

management

The HSH Nordbank Management Board includes:

  • Stefan Ermisch, Chairman (CEO) since June 10, 2016 (previously, since December 1, 2012, Chief Financial Officer (CFO))
  • Ulrik Lackschewitz (since October 1, 2015 Chief Risk Officer (CRO) and since December 10, 2018 Deputy CEO)
  • Ian Banwell (COO (Chief Operating Officer) since April 1, 2019)
  • Nicolas Blanchard (Chief Clients and Products Officer (CCO) since December 10, 2018)
  • Oliver Gatzke (since July 1, 2016, CFO ( Chief Financial Officer ))
  • Christopher Brody (Head of Investment)

As the Hamburger Abendblatt reported in April 2020, the remuneration of the Management Board has increased more than fivefold from 3.5 million euros for 2018 to 18.9 million euros for 2019. The new board members Brody and Banwell, including bonuses, each receive between four and five million euros per year.

Volksparkstadion

From July 4, 2007 to June 30, 2010, HSH Nordbank gave its name to the Hamburg Volksparkstadion , which was then called HSH Nordbank Arena at that time . With the acquisition of the naming rights, the sponsor name of a Bundesliga stadium changed for the first time , after having been a pioneer in Germany with the first name sale to AOL in 2001. Due to the financial crisis, the bank gave up the naming rights, which had originally been agreed until 2013, early in 2010 by giving notice of termination. After the public sector support campaigns, football sponsorship could no longer be arranged and was also discontinued to make savings. From July 1, 2010 to June 30, 2015, Imtech was the new name sponsor of the stadium named Imtech Arena . Since July 1, 2015, the stadium has been renamed Volksparkstadion again .

See also

literature

Web links

Commons : Hamburg Commercial Bank  - Collection of images, videos and audio files

Individual evidence

  1. ↑ a b Master data of the credit institute at the Deutsche Bundesbank
  2. ↑ Annual Report 2018
  3. ↑ dpa: HSH Nordbank is now officially called Hamburg Commercial Bank. In: focus.de. February 4, 2019, accessed February 21, 2019 .
  4. ↑ Deadline for prospective buyers expires. (chargeable). Handelsblatt , accessed on March 22, 2017 .
  5. ↑ HSH Nordbank goes to investors from America and Great Britain. DPA message. In: FAZ.net . February 28, 2018, accessed July 27, 2018 .
  6. ↑ Oliver Hollenstein: HSH Nordbank: Abgebrannt . In: The time . May 24, 2017, ISSN  0044-2070 ( zeit.de [accessed February 28, 2018]).
  7. ↑ Nina Luttmer, Financial Times Deutschland: HSH again writes off 500 million ( memento of September 24, 2008 in the Internet Archive ) - accessed on September 25, 2008
  8. ↑ Schleswig-Holstein Magazin on NDR television: HSH Nordbank is evidently dependent on state aid ( memento from October 25, 2008 in the Internet Archive ), October 24, 2008
  9. ↑ HSH Nordbank press release from November 10, 2008: HSH Nordbank uses guarantee funds ( Memento from December 4, 2010 in the Internet Archive ); Retrieved January 11, 2009
  10. ↑ HSH Nordbank press release of November 10, 2008: CEO Hans Berger resigns ( Memento of December 4, 2010 in the Internet Archive ); Retrieved January 11, 2009
  11. ↑ HSH Nordbank press release of November 17, 2008: The HSH Nordbank Supervisory Board appoints Dirk Jens Nonnenmacher as Chairman of the Management Board ( memento of April 25, 2009 in the Internet Archive ); Retrieved January 11, 2009
  12. ↑ HSH Nordbank pays out 70 million to investors despite the crisis . In: Wirtschaftswoche , January 7, 2009, accessed on January 16, 2009
  13. ↑ HSH Nordbank stops the planned distribution of the 200 million dividend In: Hamburger Abendblatt , March 24, 2009, accessed on February 16, 2011
  14. ^ Dpa-AFX information from February 24, 2009: Kiel and Hamburg decide on rescue package for HSH Nordbank , accessed on February 24, 2009
  15. ↑ DIRK JENS NONNENMACHER Paying millions for HSH CEO on Spiegel online , July 10, 2009
  16. ↑ Peter Hornung, Jürgen Webermann: HSH boss approved apparently lossy business ( memento of October 16, 2009 in the Internet Archive ). On: NDR Info , October 13, 2009
  17. ↑ We have the initial suspicion of infidelity. Public prosecutor's office is investigating Nordbank boss Nonnenmacher . In: Hamburger Abendblatt , October 17, 2009
  18. ↑ spiegel.de: Nonnenmacher goes on March 31st
  19. ↑ see also interview (July 2013) with Hilmar Kopper , then supervisory board chairman of HSH Nordbank
  20. ↑ Committee of Inquiry into the Nordbank decided . In: Hamburger Morgenpost , June 12, 2009
  21. ↑ Police investigate because of "breach of trust and falsification of accounts" . In: Hamburger Abendblatt , August 8, 2009
  22. ↑ For this purpose, the Hamburg prosecutor Wilhelm Moellers in February 2010 compared with the NDR : "The process has so far set against anyone." Dossier: The gambler Bank ( Memento of 5 February 2010 at the Internet Archive ), NDR 45 min of 2 February 2010
  23. ↑ Michael Naumann: HSH loss already known in 2008 . In: Hamburger Abendblatt , January 12, 2010, accessed on February 6, 2010
  24. ↑ SPD accuses Senate of “deceiving the public” . In: Die Welt , January 11, 2010, accessed on February 6, 2010
  25. ↑ Dr. No go swimming . In: taz , November 19, 2009
  26. ↑ cf. Investigation committee: HSH boss Nonnenmacher admits errors in Spiegel Online , February 5, 2010, accessed on February 5, 2010
  27. ↑ cf. HSH Nordbank: Nonnenmacher admits serious errors ( memento from February 7, 2010 in the Internet Archive ) at ndr.de , February 5, 2010, accessed on February 5, 2010
  28. ↑ "Report and resolution recommendation of the First Parliamentary Committee of Inquiry HSH Nordbank" printed matter 17/1675 August 15, 2011
  29. ^ "HSH: No one is to blame, many responsible" ( Memento from September 25, 2011 in the Internet Archive ) NDR, August 16, 2011
  30. ↑ a b Handelsblatt July 23, 2013: Banking vehicle. The ominous omega
  31. ↑ Der Spiegel 30/2013 (p. 36–38): Botox for the balance sheet
  32. ↑ Handelsblatt July 24, 2013: Process start HSH Nordbank. Omega 55 is pursuing Dr. No
  33. ↑ manager-magazin July 24, 2013: HSH board in court. Dr. No and the ominous omega-55 deal
  34. ↑ manager-magazin July 24, 2013: HSH trial: Bankers in the dock (photo gallery - The accused)
  35. ↑ a b Press office of the Hanseatic Higher Regional Court May 2, 2013: Proceedings against former members of the HSH Nordbank Management Board - decision of the regional court on the opening of the main proceedings ( Memento from June 15, 2014 in the Internet Archive )
  36. ↑ Stern-Online July 24, 2013: A thief is more likely to end up in prison than a banker.
  37. ↑ zeit.de: Public prosecutor's office appeals against HSH judgment
  38. ↑ Press release from June 6, 2019
  39. ↑ NDR, Nordbank: million dollar fine for Panama transactions ( memento from August 19, 2015 in the Internet Archive ), August 18, 2015
  40. ↑ HSH Nordbank, HSH Nordbank makes provision for cum-ex transactions in the years 2008–2011 ( memo of February 16, 2016 in the Internet Archive ), December 17, 2013
  41. ^ The biggest tax robbery in German history , Lutz Ackermann, Benedikt Becker, Manuel Daubenberger, Philip Faigle, Karsten Polke-Majewski, Felix Rohrbeck, Christian Salewski, Oliver Schröm, Die Zeit , June 8, 2017
  42. ↑ Archived copy ( Memento from January 31, 2012 in the Internet Archive )
  43. ↑ eBundesanzeiger of October 18, 2011 Consolidated financial statements of HSH Nordbank from 2010 and Gardeur Beteiligungs GmbH as of September 30, 2009 and September 30, 2010
  44. ↑ eBundesanzeiger dated September 20, 2011 and September 23, 2011 - publications in accordance with Section 37q (2) sentence 1 WpHG
  45. ↑ FAZ.net / Carsten Germis October 19, 2015: HSH Nordbank will be privatized by 2018
  46. ↑ HSH: Press release from October 19, 2015 ( Memento from August 10, 2016 in the Internet Archive )
  47. ↑ EU Commission: Press release May 2, 2016
  48. ↑ 16.2 billion euros for the rescue package , NDR of December 9, 2015
  49. ↑ HSH Nordbank: Deadline for prospective buyers has expired . ( handelsblatt.com [accessed March 22, 2017]).
  50. ↑ HSH Nordbank goes to US investors n-tv.de, February 28, 2018
  51. ↑ https://www.hsh-nordbank.de/de/presse/pressemitteilungen/pressemeldung-11810096/
  52. ↑ Ulrich Exner: HSH-Nordbank: Cerberus strikes for one billion euros . In: THE WORLD . February 28, 2018 ( welt.de [accessed February 28, 2018]).
  53. ↑ hamburg.de: purchase contract for HSH Nordbank
  54. ↑ Bernd Neubacher / Bernd Wittkowski: Sale of HSH Nordbank is shaky - dispute over deposit protection . In: Börsen-Zeitung . May 8, 2018 ( boersen-zeitung.de [accessed May 11, 2018]).
  55. ↑ HSH Nordbank owner / organization. HSH Nordbank AG, accessed on November 28, 2018 .
  56. ↑ ftd.de, August 30, 2008: US investors join HSH ( memento from June 28, 2013 in the web archive archive.today ); FTD August 30, 2006: Christopher Flowers: On the Prey ( Memento from June 28, 2013 in the web archive archive.today ) (Portrait Christopher Flowers )
  57. ^ Frank M. Drost: HSH Nordbank keeps course on the stock exchange. In: Handelsblatt.com. November 26, 2007, accessed June 23, 2013 .
  58. ↑ Hamburg Commercial Bank AG: Hamburg Commercial Bank shareholders / organization. Retrieved April 4, 2019 .
  59. ↑ Commercial Bank quintuples the sum of the executive board salaries, Volker Mester, Hamburger Abendblatt, April 17, 2020.
  60. ↑ HSH Nordbank terminates naming rights contract with HSV ( Memento from May 28, 2015 in the Internet Archive ) on hsh-nordbank.de
  61. ↑ "Imtech Arena" brings in 25 million! In: Hamburger Morgenpost . August 22, 2009, accessed November 26, 2015 .

Coordinates: 54 ° 19 ′ 27.3 ″  N , 10 ° 8 ′ 10.3 ″  E