NordLB Not Planning Merger With Shipping Sector Peer HSH Nordbank – CEO

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February 14, 2014

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Feb 14 (Reuters) – German public-sector lender NordLB is not planning a merger with peer HSH Nordbank, its Chief Executive said in reaction to comments from an HSH stakeholder that such a deal could make sense.

“We are not examining (a merger) and have no considerations on this,” Gunter Dunkel told Reuters on Friday, adding he still sees no advantages from a combination of the two so-called landesbanks.

The head of the association of savings banks in the state of Schleswig-Holstein – which hold 5.31 percent in HSH Nordbank – said earlier this month there were no longer any reasons for having two large public-sector ship financiers in Germany.

NordLB’s Dunkel also said that in some shipping segments he expects a tentative recovery of freight rates in 2015 and a return to long term averages in 2016.

According to the bank, the rebound will not occur in the bulker and oil tanker segments.

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