FRANKFURT Aug 7 Commerzbank is not
expecting to face major losses from its Russia-related business,
which may be affected by EU sanctions, Chief Financial Officer
Stephan Engels said.
The exposure of Germany's second largest lender consists
predominantly of export trade financing for German medium-sized
companies as well as loans to big Russian corporates, Engels
told analysts on a conference call to discuss second-quarter
earnings. It accounts for less than 2 percent of group revenues.
"All of that (is) well-covered by collateral and also
covered by the export credit agency. So that (latter) part,
simply speaking, is German sovereign risk," Engels said.
(Reporting by Arno Schuetze; editing by Thomas Atkins)