According to information from the managerial magazine, HSH Nordbank will get a new name and more jobs than previously announced. The Institute will be privatized in late November as the first German Landesbank. In the future, the bank will be called "Hamburg Commercial Bank" (HCOB). The committees still have to agree. HSH did not comment.
From the financial circles, the last report was announced that the full-time HSH workers from 1720 would drop significantly below 1300 in the medium term. The reason is the savings rate among new owners and the fact that after privatization, many tasks disappear. According to the managerial magazine, the number should fall as fast as possible and below 1000.
The Spanish banker becomes chairman of the supervisory board
According to insiders, the new bank inspector will be Spanish banker Juan Rodriguez Inciarte, reports Reuters. The 66-year-old manager of Santander is a candidate for new owners. Among other things, Inciarte helped build a consumer loan business for the largest Spanish bank.
According to the insider, a reduction in operating costs should bring an administrative burden from the current level of about 460 million euros to a total of just 300 million euros at the latest by the end of 2021.
At the end of February 2018, Hamburg and Schleswig-Holstein sold their Landesbank for around one billion euros to a consortium led by financial investors Cerberus and J.C.Flovers, under the pressure of the European Commission.