HSH Nordbank To Return €3B State Aid

HSH Nordbank, the regional German lender that was bailed out during the global financial crisis, will return state guarantees in 2011,Reutersreports. The bank will start repaying part of the €10 billion state aid it had received.

HSH will pay back €3 billion of the total state guarantees the bank received from German states, Hamburg and Schleswig-Holstein, out of which €1 billion will be returned in the first quarter. HSH posted a net income of €48 million in 2010 as compared to a net loss of €743 million a year earlier.

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