HSH Nordbank attracts handful of potential bidders, say sources: Reuters

Shipping finance provider HSH Nordbank has attracted a handful of potential bidders by a Monday deadline for indicative offers, several people familiar with the matter said.

One person said the interested parties included private equity firm Apollo, peer NordLB and China’s ICBC.

HSH declined to comment on how many indications of interest it had received.

HSH’s owners – the German states of Schleswig-Holstein and Hamburg jointly hold 85 percent – have to privatise the bank under European state-aid rules by the end of February 2018, and have hired Citigroup to organise the process.

Chief Executive Stefan Ermisch said earlier this month he expected the sale to take a while and to result in two separate deals, for HSH’s profitable core bank on the one hand and its portfolio of non-performing loans on the other hand.
First-round bids are due by the end of March.