Germany plans to reduce Commerzbank stake as stability restored
Adds bankers expect a market sale in last paragraph.
Sept 3 (Reuters) -Germany intends to reduce its stake in Commerzbank AG CBKG.DE as the lender is stable again years after its rescue in the global financial crisis, the government said on Tuesday.
"The bank's economic situation has steadily improved since 2021. The federal government is responding to this positive development by reducing its stake in Commerzbank and beginning the exit," said Eva Grunwald, managing director of the finance agency.
The state holds a 16.5% stake in the German firm worth about 2.6 billion euros ($2.87 billion) through its national bank rescue fund. The government did not specify by how much it would reduce its stake, nor how it would sell the shares.
"The exact procedure, the volume and also the timing are still being determined in view of the market environment", said a spokeswoman for the Finance Agency that handles the government's capital market activities.
Commerzbank CBKG.F shares fell in after-hourstrading in Frankfurt, and were down 3.4% on the news.
Since the bailout, Commerzbank has undergone a major overhaul, exiting businesses and slashing its workforce and branch network to restore profit. The bank posted its biggest profit in 15 years in 2023 as it benefited from higher interest rates.
Still, the bank's leadership last month signalled economic headwinds in its home market as loan loss provisions were higher than expected.
Shares have dropped 17% since hitting a 12-year high earlier this year.
An interministerial committee will decide on further steps in due course, according to the statement.
Germany, which still faces a loss on its Commerzbank investment, increased its stake in the lender earlier this year.
The bank in the past has been a potential merger partner for its bigger domestic peer, Deutsche Bank AG, with which it held talks to combine in 2019.
Three banking sources who advise on dealmaking told Reuters they expect the government to sell the shares on the market, adding they were surprised by the news.
($1 = 0.9063 euros)
Reporting by Victoria Waldersee, Ozan Ergenay, Linda Pasquini, Sabine Wollrab and Emma-Victoria Farr; writing by Elisa Martinuzzi. Editing by Jason Neely, Christina Fincher, Alexandra Hudson and Aurora Ellis
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.