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Germany to weigh Commerzbank stake sale post-election: WirtschaftsWoche
August 4, 2017 / 6:35 AM / 2 months ago

Germany to weigh Commerzbank stake sale post-election: WirtschaftsWoche

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

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.

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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