German regional lender HSH Nordbank has officially appointed Dirk Jens Nonnenmacher as CEO. He replaces Hans Berger who stepped down last week acknowledging that the management under his leadership had failed to anticipate the severe effect the credit crunch would have on the company.
German regional lender HSH Nordbank has officially appointed Dirk Jens Nonnenmacher as CEO. He replaces Hans Berger who stepped down last week acknowledging that the management under his leadership had failed to anticipate the severe effect the credit crunch would have on the company.
The announcement of Nonnenmacher's appointment comes as no surprise as the supervisory board signalled on 11 November that it wanted Nonnenmacher, the bank's chief financial officer, to take over the leadership.
'The supervisory board is convinced that Dirk Jens Nonnenmacher will greatly benefit HSH Nordbank with his expertise and experience. The task now is to align the successful business model of HSH Nordbank to the current financial climate, with the support of a transparent and impartial analysis,' supervisory board chairman Wolfgang Peiner said. Nonnenmacher's contract runs to October 2012.
HSH Nordbank is a regional bank focused on real estate, transport and shipping finance. It has already said it will apply to the German bank rescue fund Soffin for a guarantee facility totalling EUR 30 bn. About half of this amount will be drawn down with a view to supporting the bank's business model. 'The second half will be used as a precautionary measure in the event the turbulence on the financial markets make the coverage of further risks necessary,' the bank said.
Commerzbank and Hypo Real Estate have also sought assistance from Soffin.
