Commerzbank CEO says has backing of supervisory board
FRANKFURT Feb 15 (Reuters) - Commerzbank Chief Executive Martin Blessing told investors that the board of directors at Germany's second-largest lender backs his multi-year restructuring plan.
"Relations with the supervisory board are good, and with the chairman in particular," Blessing told a press conference in Frankfurt where he faced a barrage of questions about the bank's sluggish progress returning to healthy profits.
Blessing further said the Frankfurt-based bank would need another two to three years to build up a comfortable capital cushion.
"I assume that we will need two to three years to reach nine percent," Blessing told analysts in response to a question about when the bank will reach this threshold when measured under the most stringent methodology of the Basel III capital rules. (Reporting By Arno Schuetze and Edward Taylor)
- Putin dissolves state news agency, tightens grip on Russia media
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters want power now |
- Record cold, ice grip U.S.; more snow to blanket East
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'