According to information from manager magazin, HSH Nordbank will be given a new name and more jobs than previously known. The institute is to be privatized at the end of November as the first German Landesbank. In the future, the bank will be called "Hamburg Commercial Bank" (HCOB). The committees still have to agree. HSH did not comment.
From financial circles was last reported that the number of HSH full-time jobs from 1720 in the medium term will fall to well below 1300. Reason is a austerity course among the new owners and the fact that after privatization many tasks disappear. According to information from manager magazin, the number should fall as quickly as possible even below 1000.
Spanish banker to become supervisory board chairman
According to insiders, the new bank inspector will be the Spanish banker Juan Rodriguez Inciarte, reports Reuters. The 66-year-old manager of Bank Santander is the candidate of the new owners. Amongst others, Inciarte helped to build up the consumer loan business of the major Spanish bank.
According to the insider, the reduction in operating costs should reduce the administrative burden by at least the end of 2021 from the current figure of around 460 million euros annually to a total of only 300 million euros.
Hamburg and Schleswig-Holstein had their Landesbank sold at the end of February 2018 for about one billion euros to a consortium around the financial investors Cerberus and JCFlowers.