Freshfields advises HSH Nordbank on the completion of the successful privatizationFreshfields Bruckhaus Deringer has advised HSH Nordbank AG on the successful completion of its privatization process. The successful switch from public to exclusively private shareholders is new territory in the German banking sector.
Subject to the usual committee appraisals and after entry in the commercial register, the bank is expected to trade under the name of Hamburg Commercial Bank AG next February.
Freshfields has been advising HSH Nordbank since the financial market crisis in 2008. Special challenges in advising the bank since the signing of the purchase agreement on 28 February 2018 were the negotiation of the switch from public to private deposit insurance, the viability test by the EU Commission, the proprietor control procedures of the banking supervision, the preparation of the execution of the NPL transaction and in general the high complexity of the transaction with numerous stakeholders.
The Freshfields team was led by Dr Patrick Cichy.
Notes for editors
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