February 15, 2013 / 10:52 AM / 5 years ago

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)

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