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The amazing comeback of the former scandalous bank

Today's Federal Chancellor, Olaf Scholz, announced the sale of the scandalous bank HSH Nordbank as Hamburg's mayor.

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The amazing comeback of the former scandalous bank

Today's Federal Chancellor, Olaf Scholz, announced the sale of the scandalous bank HSH Nordbank as Hamburg's mayor. It was the seemingly happy ending after years of billions in aid for the ailing Landesbank.

But the purchase could soon pay off for the new owners. A few days ago, Ian Banwell, the CEO of the institute, which now operates under the name HCOB, announced that the bank was considering paying a dividend of 1.5 billion euros to its owners, led by the US fund Cerberus.

That would be just part of a bountiful harvest. In fact, few deals for financial investors in Germany are likely to have been more lucrative than the purchase of the apparently hopelessly battered Nordbank. It also owes its success to the failure of state politics in Hamburg and Kiel.

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