Following its restructure earlier this year, HSH Nordbank, the
German bank, said that its preliminary first quarter results for
2009 were “better than budgeted”.
According to the bank, after-tax losses came to €2.7 billion,
some €200 million lower than the preliminary figures published in
February 2009.
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The bank said that it was currently working hard on the
implementation of the “bad bank”, where around half of its current
total assets of some €200 billion are to be pooled. The “bad bank”
is primarily to be used for managing portfolios that are no longer
strategic business units, such as leasing operations.
“It is gratifying to note that the result for the first quarter
of 2009 is better than expected,” said HSH Nordbank CEO Dirk Jens
Nonnenmacher.
“Nevertheless the crisis is a long way from over. We have to
carefully monitor and manage developments and possible risks in the
surrogate-credit business as well as in conventional lending
operations.”
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