Last year was always meant to see a transformation of for HSH Nordbank. So it proved – but not in the way the German Landesbank planned.

A year that once promised a groundbreaking listing ended in upheaval, with a new chief executive trying to extricate HSH from crisis. Its owners are in talks on its restructuring, with the likelihood of having to provide more capital on top of €2bn ($2.7bn) committed in May. One owner has refused, angered by writedowns that have exceeded €2.7bn.