FRANKFURT (Thomson Financial) - The shareholders of state-owned bank HSH
Nordbank have agreed in principle to increase the institution's capital by
almost 2 billion euros in order to provide it with more financial flexibility to
expand, according to a prerelease of Handelsblatt newspaper, citing shareholder
sources.
It said the bank will use the new capital to expand its shipping and
transport financing business.
The city state of Hamburg holds 35.38 percent capital in the bank, the
federal state of Schleswig-Holstein has 19.96 percent, U.S. investment banker
Christopher Flowers 26.61 percent and the savings bank group Sparkassen
Schleswig-Holstein 18.05 percent.
The report said Flowers would have to inject 300 million euros so that its
shareholding will not be diluted.
marilyn.gerlach@thomsonreuters.com
mog/hjp
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