Contact Admin. Commission, so that the Commission could verify that these conditions were met. Flowers and Cerberus complies with the requirements set out in the Commission decision. Concretely, the Commission found that there is no aid to the buyers since HSH is being sold to the bidders with the highest and most credible offer, in an open and transparent process that resulted in a positive price.
Furthermore, the Commission found that, under its new ownership's business plan, HSH is expected to return to viability. The business plan foresees a significant boost in the bank's profitability thanks to improved asset quality combined with increased efficiency and better cost control.
This will ensure that HSH becomes a solvent and viable market player. In particular, the successful completion of the privatisation will allow HSH to continue to perform its core activities in the market as a restructured and viable entity, without further need of public support. The latter was one of the main causes for its difficulties during the financial crisis. In June the Commission provisionally approved the re-i Flowers among other private investors.
The sale had been ordered by European Union EU competition authorities and marks the first ever successful privatization of a regional government-owned bank in Germany.
Following the formal acquisition of HSH Nordbank for one billion euros 1. A new supervisory board has also been nominated. This is exactly what happened on Monday afternoon, an year-old pensioner in Harrislee Schleswig-Holstein.
