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Freshfields advises HSH Nordbank on the completion of the successful privatization

Freshfields Bruckhaus Deringer has advised HSH Nordbank AG on the successful completion of its privatization process. The successful switch from public to exclusively private shareholders is new territory in the German banking sector.

Subject to the usual committee appraisals and after entry in the commercial register, the bank is expected to trade under the name of Hamburg Commercial Bank AG next February.

Freshfields has been advising HSH Nordbank since the financial market crisis in 2008. Special challenges in advising the bank since the signing of the purchase agreement on 28 February 2018 were the negotiation of the switch from public to private deposit insurance, the viability test by the EU Commission, the proprietor control procedures of the banking supervision, the preparation of the execution of the NPL transaction and in general the high complexity of the transaction with numerous stakeholders.

The Freshfields team was led by Dr Patrick Cichy.

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Freshfields Bruckhaus Deringer LLP is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. Our 2,800 plus lawyers deliver results worldwide through our own offices and alongside leading local firms.  Our commitment, local and multi-national expertise and business know-how means our clients rely on us when it matters most.
 

The Freshfields team was led by: