Latest news from Heavy Lift & Project Forwarding International Magazine

NordLB in privatisation talks

Reports in the German media suggest that the owners of Hannover-based NordLB are in talks regarding the business model of the public-sector bank, and are considering the possibility of selling to private investors.

According to media reports, the sale of HSH Nordbank to a consortium of Cerberus Capital Management and J.C. Flowers, which was announced earlier this month, will play a decisive role in the deliberations.

A representative of NordLB reportedly confirmed that while various scenarios are being discussed, nothing has been decided to date.

Once of the largest shipping lenders, NordLB continues to digest massive shipping losses that, in 2016 surpassed EUR1 billion (USD1.05 billion).

Despite returning to profitability in 2017, Thomas Mang, president of the savings banks of Lower Saxony, which owns 26 percent of NordLB, reportedly said: "Due to its onerous ship loan portfolio, NordLB is in a difficult state."


www.nordlb.com 

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