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Germany to weigh Commerzbank stake sale post-election: WirtschaftsWoche
August 4, 2017 / 6:35 AM / 4 months ago

Germany to weigh Commerzbank stake sale post-election: WirtschaftsWoche

FRANKFURT (Reuters) - The German government will consider the sale of its 15.6 percent stake in Commerzbank following federal elections in September, German weekly WirtschaftsWoche reported on Friday, citing unnamed sources.

FILE PHOTO: The logo of Germany's Commerzbank is seen in the late evening sun on top of its headquarters in Frankfurt, Germany, September 29, 2016. REUTERS/Kai Pfaffenbach /File Photo

Both Commerzbank and the German finance ministry declined to comment on the report.

Shares of Commerzbank were indicated to open 0.5 percent lower at 0637 GMT, the second-biggest decliner on the DAX.

The German government last month welcomed Cerberus as Commerzbank’s second-largest shareholder when the bank announced the U.S. buyout fund had built a stake controlling 5.01 percent of its voting rights.

“Rising investor interest is positive for Commerzbank and its share price,” a spokeswoman for the German Finance Ministry said at the time. “We haven’t changed our position on Commerzbank.”

The guiding principle, she had said, was: “We want a good financial result for taxpayers.”

In recent months, Commerzbank has been implementing a restructuring program, focusing on digitizing its back office, cutting staff, and growing its retail customer base.

This week it announced that it posted a loss in the second quarter after job-related restructuring costs and weak markets.

Reporting by Tom Sims in Frankfurt and Gernot Heller in Berlin; Editing by Maria Sheahan

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