Saturday , January 22 2022

HSH becomes Bank Commercial Bank


According to information from the manager's magazine, HSH Nordbank will have a new name and more jobs than previously announced. The organization will be privatized at the end of November as the first German Landesbank Bank. In the future, the bank is called "Hamburg Commercial Bank" (HCOB). The committees have to agree. HSH did not comment.

From financial circles, it has been said that the number of full-time HSH jobs of 1720 in the medium term will fall below 1300. The reason is a strict course among the new owners and the fact that there are many tasks & After leaving privatization. According to information from the manager's magazine, the number should fall as soon as possible even under 1000.

Spanish banker to become board supervisory chair

According to insiders, the new bank inspector will be the Spanish banker Juan Rodriguez Inciarte, reports Reuters. 66-year-old Manager Santander Bank is the applicant of the new owners. Among others, Inciarte helped build the consumer loan business of the Spanish chief bank.

According to those in-house, the reduction in operating costs should bring down the administrative burden of the current level of around 460 million euros to just 300 million euros by the end of 2021 on the latest.

At the end of February 2018, Hamburg and Schleswig-Holstein had sold their Landesbank for around a billion euros to a consortium led by the financial investors of Cerberus and J.C.Flowers, under pressure from the European Commission.

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