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’To: HSH Nordbank employees, Re: Spying, porn
And you thought German landesbanks were boring.
Last week, HSH Nordbank reportedly sent a memo to its employees preparing them for an upcoming Spiegel report. At the centre of the story were supposedly allegations that the bank’s former head of the New York branch,
Welcome to the sub-marine crisis
On Thursday, AP Moller Maersk — the world’s top container shipping company — spooked shipping industry watchers when it reported deeper than expected losses of $706m for the nine months to September,
States agree €13bn HSH bail-out
Two federal states in northern Germany were on Tuesday forced to agree a €13bn ($17bn) bail-out of HSH Nordbank, the shipping financier, whose writedowns on complex structured credit products have crippled the regional lender and hit state budgets.
Annals of bank exposures, autos and shipping edition
BNP Paribas’ European credit research team put out some interesting research late last week, in which they tallied banks’ exposures to two headline-grabbing sectors – the auto industry and shipping. In the first instance,
Flowers to inject €300m into HSH Nordbank
JC Flowers is preparing to inject about €300m ($470m) of fresh equity into HSH Nordbank, despite the German bank’s failure to have an IPO this year. The measure will maintain the US buyout group’s stake in the state-controlled Landesbank,
HSH to sue UBS over subprime losses
UBS, the European bank worst hit by the subprime crisis, faced another blow after HSH Nordbank, the German public sector lender, said Sunday it would sue to recover subprime losses. HSH said it would file a suit this week to seek repayment of “hundreds of millions” of losses on a portfolio of CDOs structured and managed by UBS.
German banks forced into new $15bn SIV rescue
Two German Landesbanken – WestLB and HSH Nordbank – have been forced to offer huge support lines to two troubled SIVs. More evidence that SIVs are plumbing new lows.
WestLB has provided an $11bn credit line to an off balance sheet structured investment vehicle,
Scandal-hit WestLB dismisses chief
WestLB on Thursday dismissed Thomas Fischer as chief executive following the stock trading scandal that has rocked the German Landesbank. Rolf Gerlach, WestLB’s chairman, said the dismissals of Mr Fischer,