At its first ordinary meeting today the newly-constituted Supervisory Board of HSH Nordbank discussed the Company's comprehensive restructuring program.
The plan drawn up in recent months involves the rapid division of the Company into a core bank and a restructuring bank.
Focusing on the core areas of business will result in a reduction of the total assets of the future core bank by some 50% to €112 billion. The plan submitted is based on the budget presented to SoFFin in March. Today the Supervisory Board approved the document in its entirety.
"Over the past few months management and staff have been working hard on developing the restructuring plan. The Management Board submitted a well thought out plan to ensure the future viability of HSH Nordbank. The parameters have been set for this," said Supervisory Board Chairman Hilmar Kopper.
Following approval by the federal states, next week the relevant documents on restructuring will be submitted to the European Union for final approval.
Source: HSH Nordbank AG