Overview

China Development Bank provides a $500 million USD loan to HSH Nordbank for on-lending purposes

Commitments (Constant USD, 2023)$643,069,237

Commitment Year•2010Country of Activity•GermanyDirect Recipient Country of Incorporation•GermanySector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 1, 2010

Last repayment (originally scheduled): Nov 30, 2015

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

State-owned Banks

Hamburg Commercial Bank (HSOB) (Formerly HSH Nordbank AG)

Loan description

China Development Bank provides a $500 million USD loan to HSH Nordbank for on-lending purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On or before December 1, 2010, China Development Bank (CDB) entered into a $500 million USD loan agreement with German bank HSH Nordbank AG for on-lending purposes. Loan terms included a five-year maturity. HSH Nordbank was undergoing financial issues from 2008 to 2010, and was hoping to strengthen United States dollar funding.

Staff comments

1. The bank changed its name from HSH Nordbank to Hamburg Commercial Bank (HCOB) on February 4, 2019, after the bank was sold to new owners in 2018.