February 14, 2014 / 2:26 PM / 4 years ago

NordLB not planning merger with peer HSH - CEO

BERLIN, Feb 14 (Reuters) - German public-sector lender NordLB is not planning a merger with peer HSH Nordbank , its Chief Executive said in reaction to comments from an HSH stakeholder that such a deal could make sense.

“We are not examining (a merger) and have no considerations on this,” Gunter Dunkel told Reuters on Friday, adding he still sees no advantages from a combination of the two so-called landesbanks.

The head of the association of savings banks in the state of Schleswig-Holstein - which hold 5.31 percent in HSH Nordbank - said earlier this month there were no longer any reasons for having two large public-sector ship financiers in Germany.

NordLB’s Dunkel also said that in some shipping segments he expects a tentative recovery of freight rates in 2015 and a return to long term averages in 2016.

According to the bank, the rebound will not occur in the bulker and oil tanker segments.

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