Shipping bank HSH Nordbank (HSH) will wind down
its container leasing operation, as part of a reduction in business
that may see 1,100 jobs lost and the banking group’s asset base of
€115 billion cut in half.
its container leasing operation, as part of a reduction in business
that may see 1,100 jobs lost and the banking group’s asset base of
€115 billion cut in half.
The container business has a standing portfolio
of around €800 million, and is part of the group’s transportation
unit, which holds around €13 billion in assets divided between
aviation, infrastructure and rail sectors.
of around €800 million, and is part of the group’s transportation
unit, which holds around €13 billion in assets divided between
aviation, infrastructure and rail sectors.
Global head of transportation Mathis Shinnick said the container
leasing division had been “a good business”, but that no new
contracts would be written and that HSH would be making “a gracious
exit” from all but a few key client relationships.
Shinnick added that the decision to reduce the group’s overall
business would definitely affect the transportation division
further, but that plans would not be finalised until state
shareholders Hamburg and Schleswig-Holstein had spoken with
parliament in late March.
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