The new Hamburg Commercial Bank (HCB) has begun life with a pledge to target international marine business.
The private German lender changed its name from HSH Nordbank at the start of this month following its takeover by a consortium led by Cerberus Capital Management and JC Flowers.
The bank is "resolutely building on the solid, key pillars of its predecessor bank," it said.
It is starting life unencumbered by legacy assets, with a solid capitalisation, a skilled and motivated team and with strong shareholders who possess considerable experience of the financial sector, it added.
“We will expand our radius, streamline our structures, approach our tasks pragmatically and raise our profitability. In this way we, as Hamburg Commercial Bank, will assert ourselves on the market as the commercial bank for the right clients,” said CEO Stefan Ermisch.
The emphasis in shipping is on the international business, as the bank is present not just in Hamburg but also at the major locations of Athens and Singapore, it said.
Ermisch added: “Starting from our consolidated position in Germany, we will also become active beyond the borders.
"We will continue to expand our international presence in project finance for renewable energies with a due sense of proportion.”
Last month HCB revealed it was parting ways with head of shipping Christian Nieswandt as the previously state-owned bank continues to downsize after privatisation.
Nieswandt, 59, is leaving what was once the world’s largest shipping financier.
The bank is being scaled down by its new owners who plan to trim the ship-finance division and merge it with its real-estate interests, TradeWinds has reported.
