HAMBURG and KIEL, Germany, Feb. 26 /CNW/ - HSH Nordbank confirms that it
has filed its claim against UBS in respect of significant losses incurred on a
US$500 million portfolio of CDOs linked to the US mortgage market which were
structured and sold by UBS. The investments were sold by UBS in 2002 to
Landesbank Schleswig-Holstein which subsequently merged with Hamburgische
Landesbank to become HSH Nordbank AG.
The claim was filed in the Supreme Court of the state of New York, County
of New York City on Monday 25 February 2008.
About HSH Nordbank
HSH Nordbank AG is one of Germany's major financial institutions with
assets of EUR 207 Billion as of 30 September 2007. It offers clients a broad
range of innovative financial solutions in all business areas, with particular
expertise in transportation, logistics, infrastructure, energy and real estate
finance. HSH is the largest provider of shipping finance in the world and a
market leader in renewable energy finance. HSH Nordbank AG was created on June
2, 2003 from the merger of Hamburgische Landesbank with Landesbank
Schleswig-Holstein (LB Kiel).
The information contained in this press release does not constitute an
offer for the sale of any type of HSH Nordbank AG securities. Securities of
HSH Nordbank AG may not be sold in the United States without registration
pursuant to US securities legislation, unless such a sale takes place on the
basis of relevant exceptional provisions.
This press information can contain forward-looking statements. These
statements are based on our beliefs and assumptions, on information currently
available to us which we consider reliable. Forward-looking statements include
all statements which are not historical facts, including information
concerning future growth prospects and future economic developments.
Such forward-looking statements are based on assumptions relating to
future events and are subject to uncertainties, risks and other factors, a
large number we cannot influence. Thus actual events can differ considerably
from the forward-looking statements made. We make no warranty for the
correctness or completeness of these statements or the actual occurrence of
the statements made. Furthermore, we assume no obligation for updating the
forward-looking statements after this information has been published.
For further information:
For further information: HSH Nordbank AG, Rune Hoffmann, Spokesman, Tel:
+49-40-3333-11412, Fax: +49-40-3333-611412, E-Mail:
email@example.com; Citigate Dewe Rogerson, Patrick Donovan,
Michael Berkeley, Tel: +44(0)20-7638-9571