FRANKFURT, May 3 (Reuters) - Commerzbank aims to increase its annual revenues by over 1 billion euros ($1.1 billion), possibly with the help of acquisitions, Chief Executive Martin Zielke said on Wednesday.
“Besides winning 2 million new customers we want to increase revenues by more than 1 billion euros through organic growth and - if the price is right - through acquisitions,” he told shareholders gathered for the bank’s annual meeting.
Commerzbank has looked at Allianz’s regional private bank Oldenburgische Landesbank (OLB) but has withdrawn from that auction because integration of the lender would be very complex, people close to the matter have said.
They said OLB was likely to be bought by buyout group Apollo instead.
In 2016, Commerzbank saw revenues decline by 4 percent to 9.4 billion euros as low interest rates and subdued loan demand weighed on its business.
Business in the first quarter has been “decent”, Zielke said, declining to specify.
The bank is due to publish financial results for the first three months of 2017 on Tuesday.
$1 = 0.9162 euros Reporting by Alexander Hübner and Arno Schuetze; Editing by Maria Sheahan