HSH Nordbank receives a license to issue mortgage bonds - Merger with HSH Nordbank Hypo aimed
Hamburg/Kiel, May 16, 2006 - HSH Nordbank AG has received a license to issue the three types of mortgage bonds from the Federal Financial Supervisory Authority (BaFin) pursuant to the new Mortgage Bond Act (PfandBG) that came into force on July 19, 2005. With this HSH Nordbank is able to offer its investors all three types of mortgage bond, i.e. public-sector Pfandbriefe, mortgage Pfandbriefe and ship Pfandbriefe. Thus, HSH Nordbank is opening up for example another source of funding for the ship-financing business of HSH Nordbank. With a business volume of € 25 billion, HSH Nordbank is the world’s largest provider of ship finance.
HSH Nordbank AG has received a license to issue the three types of mortgage bonds from the Federal Financial Supervisory Authority (BaFin) pursuant to the new Mortgage Bond Act (PfandBG) that came into force on July 19, 2005. With this HSH Nordbank is able to offer its investors all three types of mortgage bond, i.e. public-sector Pfandbriefe, mortgage Pfandbriefe and ship Pfandbriefe. Thus, HSH Nordbank is opening up for example another source of funding for the ship-financing business of HSH Nordbank. With a business volume of € 25 billion, HSH Nordbank is the world’s largest provider of ship finance.
“We are confident of being able to actively shape the market for ship mortgage bonds as a new major issuer in the future,” commented Eckehard Dettinger-Klemm, member of HSH Nordbank Management Board and responsible for capital markets. HSH Nordbank plans to issue ship mortgage loans in 2006. The collateral will consist of ship loans taken from HSH Nordbank’s ship portfolio. “We plan to issue ship mortgage bonds denominated in both euros and U.S. dollars. This will increase the importance of U.S. dollar-denominated ship mortgage bonds overall and enhance their appeal to international investors,” added Dettinger-Klemm.
HSH Nordbank Management Board has decided on May 16, 2006 that a project shall be initiated which prepares the steps to be taken for a merger of HSH Nordbank Hypo AG to HSH Nordbank. HSH Nordbank Hypo, a wholly-owned subsidiary of HSH Nordbank, has total assets of close to € 7.9 billion and employs 35 staff.
HSH Nordbank AG is a strong regional bank in Northern Europe with total assets of € 191 billion. Some 4,500 of the bank’s employees provide corporate and high net-worth clients around the globe with premium bank products and services. In its core region of Hamburg and Schleswig-Holstein, it is the market leader in the corporate customer segment. HSH Nordbank is an acknowledged partner of the capital markets and international sector specialist. Its main focus is on transportation and real estate. In fact, HSH Nordbank is the world’s largest 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. For more information please visit our website at www.hsh-nordbank.com.
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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