HSH Nordbank has attracted another international suitor. Cerberus Capital Management, one of the world’s largest financial investors with more than $30 billion (€27.5 billion) in assets, is eyeing a bid for the ailing public bank, according to Handelsblatt sources in the financial industry.
The New York-based private equity firm has joined its US rival Apollo and the Chinese insurance company Anbang in expressing interest in HSH Nordbank. Cerberus is particularly interested in HSH Nordbank’s non-performing shipping loans, sources told Handelsblatt.
The Chinese conglomerate HNA, which recently boosted its stake in Deutsche Bank, had previously expressed interest in HSH Nordbank, but has decided to pass. “Neither the HNA Group nor any of its subsidiaries will make an offer,” a company spokesperson told Handelsblatt.