Mayer Brown has advised Hamburg Commercial Bank (HCOB), formerly HSH Nordbank AG, on the sale of its interest rate, currency and commodity hedging business for corporate customers of savings banks (Sparkassen) as well as the risk hedging instruments in the proprietary business of savings banks to LBBW.
These transactions are part of Hamburg Commercial Bank's wider divestment of certain parts of its savings banks portfolio as part of the privatization process. With this step, Hamburg Commercial Bank is continuing to focus on its future as a specialist financier.
LBBW is Germany's largest Landesbank and one of the market leaders in the capital market business within the Savings Banks Finance Group (S-Finanzgruppe) and is expanding this business.
The Mayer Brown team included Dr. Patrick Scholl, partner and Head of the firm's Banking & Finance practice in Germany and senior associate Alexei Döhl, LL.M. (University of Exeter).
Mayer Brown's experienced capital markets team in Frankfurt frequently advises on complex issues and transactions related to derivatives and risk hedging and is one of the market leaders in this area.
Further transaction details (in German) can be found here.