Maritime Lender HSH Nordbank Invites Bidders Under Public Sale Process

Tuesday January 24, 2017

HSH Nordbank Monday invited expressions of interest from potential buyers for the bank's public sale process.

As Ship & Bunker previously reported, HSH Nordbank, one of the world's largest lenders for the maritime sector, has long been working to reduce its exposure to the "crisis-prone" shipping industry.

The bank states that indicative bids are due by the end of March, noting that, while the bank as a whole is up for sale, alternative proposals will be reviewed in order to glean maximum interest of potential investors.

As Reuters reports, two people close to the matter have said that NordLB, which also holds a large maritime portfolio, intends to put forth an indicative offer and to examine HSH's books.

Both HSH Nordbank and NordLB are noted to have declined comment on the matter.

HSH Nordbank says the process for bidder selection, access to data room, due diligence, and contractual negotiations will begin in April of this year, with the signing of purchase contract intended to be carried out by the end of February 2018.