HSH Nordbank picks ship finance head
HSH Nordbank has found a new board member to take charge of its ship financing business.
Torsten Temp would take up his post on May 1, with his responsibilities covering shipping, transport and energy, the bank said.
Mr Temp comes from UniCredit, where he was responsible for the global shipping business located in Hamburg. The announcement of his departure from the banking group came only last week.
Mr Temp is highly respected in the industry and is regarded as someone who does not beat about the bush when it comes to airing his opinion on sensitive issues.
The post at HSH had been vacant since previous board member Peter Rieck was dismissed in November last year over possible breaches of duty.
It was not easy for the stricken bank to find a successor, not least because the annual wage for board members is now restricted to ?500,000 ($680,700) for the time being. Bonuses will not be paid until the bank is once again able to generate a dividend.
Although it remains the largest ship lender in the world, HSH"s ship financing unit is having a hard time, with hefty risk provisions necessary on its portfolio and almost no new business.