- Munich Re uses HVB capital increase to further reduce its commitment in the financial services sector
- Dr. Nikolaus von Bomhard: "As a shareholder and partner, we consider HypoVereinsbank to be on the right track."
Munich Re views the capital increase announced by HypoVereinsbank as a logical and important step towards realigning the second-largest private bank in Germany. However, Munich Re Group will not participate in the capital increase due to the already high proportion of financial stocks in its investment portfolio. Chairman of the Board of Management, Dr. von Bomhard: "We consider that HVB has a very positive future. As a strategic partner, we have a sustained interest in the company's successful development."
Historically, Munich Re has always had above-average shareholdings in German banks and insurance companies, and (as previously stated) has therefore gradually reduced its interests in this sector; it has already lowered its shares in Allianz and sold its Hypo Real Estate stock. HVB's capital increase offers a further opportunity to continue this trend. Due to its non-participation, Munich Re's stake in HypoVereinsbank will fall from its current level of 25.7% to under 20%. The strategic character of its interest in HVB will remain unaffected.
signed Dr. von Bomhard signed Küppers
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