Charles Barker Corporate Communications GmbH
Holders of approximately EUR 1 billion of listed tier 1 HCOB instruments issue the following statement in response to the Bank’s 2018 earnings release
Hamburg/Kiel, 3 April 2019
In its 2018 investor presentation, Hamburg Commercial Bank AG (“HCOB” or the “Bank”) begins by stating that “true to Hanseatic tradition, we [the Bank] make clear promises and keep them: Reliable, client-centric, sincere.” The irony of this spin is staggering. Far from keeping its promises, HCOB, in our opinion, violates its contractual commitments and engages in manipulative and illegal practices aimed at harming its creditors. The Bank hardly exhibited “reliability” and “sincerity” on 28 March 2019 when it issued a press release devoid of explanations for many of the material items that drove the Bank’s performance in 2018, including a number of unusually high and barely explained provisions. In a further example of its “sincerity” the Bank refused to give substantive answers to the few questions it allowed to be asked on its German-language investor call and refused to accept any question on its English-language call. We ask the Bank’s management: What do you have to hide? The Bank’s actions continue what we believe has been a long-standing practice of misinformation, deflection, and mischaracterization. The Bank may have renamed itself, but it still remains the same old HSH. Below are the key questions that creditors would have liked to ask HCOB’s management had the Bank not refused to take questions. These questions seek information which is highly material to the Bank’s financial state and the value of all of the Bank’s listed instruments – information which is necessary to ensure that HCOB’s disclosures are not materially misleading and comply with relevant securities laws. The Bank should address these questions publicly so that all its creditors, clients, employees, and other stakeholders are adequately and equally informed.
We ask HCOB’s management to publicly address the above questions by April 5, 2019 – either in writing or by agreeing to actually hold a full, public Q&A in line with prior and standard practice. The creditors issuing this statement reserve all rights. Contact for holders of HSH tier 1 instruments: Dr. Nadine Herrmann, Partner, Quinn Emanuel Urquhart & Sullivan, LLP + 49 40 89728-7000 NadineHerrmann@quinnemanuel.com Press contact: Charles Barker Corporate Communications GmbH Tobias Eberle / Thomas Katzensteiner +49 69 794 090 -24 / -25 Tobias.Eberle@charlesbarker.de Thomas.Katzensteiner@charlesbarker.de End of Media Release Issuer: Charles Barker Corporate Communications GmbH Key word(s): Finance
03.04.2019 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. |
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