kiel type aktiengesellschaft industry banking founded june 2 2003 headquarters hamburg germany key people constantin von oesterreich ceo dr. thomas mirow pres. of supervisory board products financial services net income 124 million 2012 total assets 130.6 billion 2012 total equity 12.3 % 2012 number of employees 3 123 2012 website www.hsh nordbank.com hsh nordbank is a commercial bank in northern europe with headquarters in hamburg as well as kiel germany . it is active in corporate and private banking . hshs main focus is on shipping transportation real estate and renewable energy . the bank was created as a result of a merger between hamburgische landesbank and landesbank schleswig holstein on june 2 2003 . hsh has significant operations in luxembourg new york london the bank no longer has an office in london and singapore . as of 12 2009 it employed 4 188 people worldwide . as of 12 2009 hsh had a balance sheet of eur 174.5 bn and reported a loss of eur 678 mn . 1 the shareholders are owner share hsh finanzfonds aor 65.00 % hamburg 10.80 % schleswig holstein 9.58 % j.c. flowers & co. 9.31 % savings banks association of schleswig holstein 5.31 % in the merger the city of hamburg and the state of schleswig holstein agreed to hold the majority of shares at least until end of 2013 . financial crisis of 2007 2010 edit with the beginning of the financial crisis of 2007 2010 hsh had to report losses on their credit investment portfolio . in september 2008 hsh announced further writedowns . as a direct consequence the ceo hans berger stepped down and in the following weeks hsh announced extensive restructuring . 2 branches in copenhagen and hong kong were reduced to representations and new business will be focussed on the core region in northern germany . in december 2008 hsh was granted to issue up to eur 30bn guaranteed notes under the german soffin program . one requirement that was imposed on hsh was to raise the capital ratio to at least 8 % . on january 20 2009 eur 3bn 3 year guaranteed notes were issued . 3 on february 24 2009 hsh received new capital of eur 3bn and credit guarantees of eur 10bn by the two main shareholders the states of hamburg and schleswig holstein . 4 the other shareholders jc flowers and the savings bank association did not participate in the capital infusion . together with this increase of its core capital hsh announced further restructuring . it plans to spin off non strategic activities and the toxic asset portfolio into a yet to be created bad bank . on april 9 2009 president of supervisory board wolfgang peiner appointed freshfields bruckhaus deringer to investigate recent management decisions of the vorstand . 5 on april 17 2009 the supervisory board of hsh nordbank relieved frank roth member of the management board of his duties and started pressing criminal charges against him . the bank claims that frank roth leaked strictly confidential information to outside parties . 6 on october 13 2009 the norddeutscher rundfunk reported on a questionable cdo deal codenamed omega 55 between hsh nordbank and bnp paribas in late 2007 that eventually cost hsh nordbank 500 million euro . parts of that deal were not disclosed to bafin the german federal financial supervisory authority . 7 references edit annual report as of 31 december 2009 pdf . hsh nordbank . 15 april 2010 . retrieved 2010 04 15 . chief executive officer hans berger resigns press release . hsh nordbank . 10 september 2008 . retrieved 2009 03 09 . fitch rates hsh nordbank ag s guaranteed issue aaa pdf . fitch ratings . 14 january 2009 . retrieved 2009 03 09 . first1 missing last1 in authors list help germany s hsh nordbank saved from collapse . spiegel online . spiegelnet gmbh . 24 february 2009 . retrieved 2009 03 09 . hsh nordbank berpr fung der vorst nde angeordnet . ndr . 9 april 2009 . hsh nordbank to press criminal charges against management board member frank roth . hsh nordbank . 17 april 2009 . retrieved 4 june 2009 . hornung peter ; webermann j rgen october 13 2009 hsh chef genehmigte offenbar verlustreiches gesch ft ndr info . omega 55 was a hybrid cdo which exposed hsh nordbank to the risks of default of other financial institutions including the now bankrupt lehman brothers and washington mutual . however also included in the deal were several billion euros of risk tied to hsh nordbank s own assets . it is alleged that he inclusion of this last element allowed hsh nordbank to move several billions of risky assets off its balance sheet at year end and avoid costly capital reserves which bafin would require the bank to post . the assets were repurchased several weeks later after auditors had closed the books of the bank for the year . external links edit hsh nordbank ag home page retrieved from https en.wikipedia.org w index.php title hsh nordbank & oldid 739269275 categories banks established in 2003companies based in hamburglandesbanks2003 establishments in germanyhidden categories cs1 errors missing author or editorpages using infobox company with unsupported parameters navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version in other projects wikimedia commons languages deutschespa olfran ais polski edit links this page was last modified on 13 september 2016 at 18 46 . text is available under the creative commons attribution sharealike license ; 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