German state-owned bank HSH Nordbank AG said it may seek as much as 30 billion euros ($37.6 billion) from the German Financial Markets Stabilization fund.
The stabilization fund, known as SoFFin, and HSH Nordbank agreed on the terms today, HSH said today in an e-mailed statement. The Hamburg-based bank also may sell some assets.
Banks worldwide were forced to seek help from shareholders and governments after the September bankruptcy of Lehman Brothers Holdings Inc. froze credit markets. German state-owned bank WestLB AG of Dusseldorf has also said it would ask for debt guarantees and consider requesting capital from the state. Commerzbank said Nov. 3 it will get 8.2 billion euros of capital from the state, making it Germany's first publicly traded lender to get cash from the rescue fund.
``This decision is a clear signal: it strengthens our bank and creates sufficient flexibility for the further development of our business model,'' HSH Chief Executive Officer Dirk Jens Nonnenmacher said in the statement. ``We are working on a set of concrete measures, with which we will advance the future strategy of HSH Nordbank.''
The bank is also considering selling assets and expects that these measures will help increase the company's capital to at least 8 percent, according to the statement. ``Shareholders and management will discuss the exact arrangements over the coming weeks,'' HSH said.
By Nadja Brandt, Nov. 21, 2008, Bloomberg
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One has to wonder whether almost $1billion of the bailout will go the Manhattan House credit loan. . . .
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