Commerzbank CFO downplays prospects of foreign takeover
09 MAY 2019
Commerzbank’s [ETR:CBK] Chief Financial Officer Stephan Engels has downplayed the chances of the German bank being acquired by a foreign bidder, the Financial Times reported. Engels said on Wednesday (8 May) that Commerzbank has received no bid approaches from outside Germany since its merger discussions with local rival Deutsche Bank [ETR:DBK] ended last month.
When asked if Commerzank had been approached by a foreign suitor, Engels said he would have been obliged to inform journalists if that had been the case, the item said.
Commerzbank is considered to be a takeover target for European competitors, with previous reports saying that Italian rival UniCredit[BIT:UCG] and Netherlands-based ING Group [AMS:INGA] are interested.
Commerzbank reported its 1Q19 results on Wednesday, which showed a 2.8% year-on-year decline in revenues, despite the bank gaining commercial and retail clients, the item noted.
Commerzbank’s market capitalisation stood at EUR 9.76bn (USD 10.92bn) at the close of trading in Frankfurt on Wednesday.
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