Stockholders strengthen the capital base of HSH Nordbank
Hamburg/Kiel, July 25, 2005 - The stockholders of HSH Nordbank AG have strengthened the Bank’s capital base by making a payment of € 556 million on July 20, 2005. By taking this step they have fulfilled their agreement with respect to the EU subsidy decision pursuant to the 2003 basic merger agreement. Accordingly, HSH Nordbank agreed on a maximum reimbursement of € 200 million. Any amounts in excess of this will be retransferred by the stockholders to HSH Nordbank on a prorated basis. In the wake of the implementation of the basic merger agreement, only a slight shift in stockholdings with voting rights has taken place: The Free and Hanseatic City of Hamburg now holds 35.38 percent, WestLB 26.58 percent (down from 26.86 percent), the State of Schleswig-Holstein 20.02 percent (up from 19.55 percent) and the Savings Bank and Giro Association for Schleswig-Holstein, 18.02 percent (down from 18.21 percent).
On October 20, 2004, the EU Commission announced a decision in the proceedings involving HSH Nordbank’s predecessors in connection with the transfer of subsidized residential property assets, as a result of which HSH Nordbank had to pay a total of € 756 million to the federal states of Hamburg and Schleswig-Holstein. This payment was made in cash and booked as an expenditure item in the 2004 financial statements in full.
HSH Nordbank AG is a strong regional bank in Northern Europe. It has total assets of € 173 billion and employs roughly 4,500 staff around the world. It is the market leader in its core region of Hamburg and Schleswig-Holstein. As a global provider of specialist finance, its main focus is on transportation and real estate. In fact, HSH Nordbank is the world’s leading provider of ship finance and covers the entire value chain in the transportation segment. In the area of real estate, HSH Nordbank is one of the strongest banks in Germany, acting as a provider of services relating to all aspects of real estate. It is an acknowledged partner of the capital markets. For more information please visit our website at http://www.hsh-nordbank.de.
The information contained in this press release does not constitute an offer for the sale of any type of HSH Nordbank AG securities. Securities of HSH Nordbank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
This press information can contain forward-looking statements. These statements are based on our beliefs and assumptions, on information currently available to us which we consider reliable. Forward-looking statements include all statements which are not historical facts, including information concerning future growth prospects and future economic developments.
Such forward-looking statements are based on assumptions relating to future events and are subject to uncertainties, risks and other factors, a large number we cannot influence. Thus actual events can differ considerably from the forward-looking statements made. We make no warranty for the correctness or completeness of these statements or the actual occurrence of the statements made. Furthermore, we assume no obligation for updating the forward-looking statements after this information has been published.
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