Key Developments: COMMERZBANK AG (CBKG.DE)

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Latest Key Developments (Source: Significant Developments)

Commerzbank AG Comments on FY 2013 Guidance
Thursday, 8 Aug 2013 01:00am EDT 

Commerzbank AG announced that as a consequence of the portfolio reduction and the ongoing weak interest rate environment, its fiscal year 2013 revenues before loan loss provisions are likely to remain under pressure for the Group.  Full Article

Commerzbank AG Sells Custody Unit To Bnp Paribas SA-Reuters
Thursday, 25 Jul 2013 08:51am EDT 

Reuters reported that Commerzbank AG is selling a custody unit to BNP Paribas SA. The roughly 80 employees of the unit 2013 managed a volume of EUR93 billion ($123 billion) as of the end of April.  Full Article

Germany May Consider Commerzbank AG's Stake Sale After Election-Reuters
Tuesday, 16 Jul 2013 12:16pm EDT 

Reuters reported that German policymakers may look at selling the state's 17% stake in Commerzbank AG after national elections in September.  Full Article

Commerzbank AG Sells UK Property Loans-DJ
Monday, 15 Jul 2013 10:03am EDT 

Dow Jones reported that Commerzbank AG is selling a portfolio of U.K. commercial real estate loans worth around EUR5 billion ($6.5 billion) to Wells Fargo & Co. (WFC) and Lone Star Funds, the latest example of a European bank reducing its exposure to real estate in the wake of the financial crisis. European banks are in the middle of reducing, through sales, repayments and write-downs, as much as EUR600 billion of commercial real-estate assets left over from the boom years, according to research by Morgan Stanley. As concerns over a breakup of the euro zone have faded, banks have used the opportunity to accelerate the sale of these assets.  Full Article

Wells Fargo & Co Acquires Hypothekenbank Frankfurt UK Commercial Real Estate Portfolio From Commerzbank AG
Monday, 15 Jul 2013 05:55am EDT 

Wells Fargo & Company announced that it has signed an agreement to acquire Commerzbank's Hypothekenbank Frankfurt (formerly Eurohypo) U.K. commercial real estate portfolio. The transaction includes a GBP4.0 billion ($6.05 billion) portfolio of commercial real estate loans throughout the U.K. with a focus in London. A portion of the portfolio, consisting of approximately GBP1.3 billion ($1.96 billion) of non-performing assets, will be acquired by Lone Star Funds, with Wells Fargo providing the financing. The transaction is expected to close in Q3 2013.  Full Article

Commerzbank AG To Shed More Than 5,000 Jobs-Reuters
Tuesday, 18 Jun 2013 02:06am EDT 

Reuters reported that Commerzbank AG will shed more than 5,000 jobs as part of its cost cutting programme. Commerzbank management has reached a preliminary agreement with labour unions regarding the implementation of the cuts. Commerzbank declined to comment.  Full Article

Commerzbank AG Plans To Raise Capital With New Share Offer-DJ
Tuesday, 14 May 2013 02:35am EDT 

Dow Jones reported that Commerzbank AG said it plans to raise EUR2.5 billion ($3.25 billion) by selling new shares in a capital increase aimed at repaying German state aid and boosting the bank's equity capital. The price, at EUR4.50 a share, marks a 55% discount to Monday's closing price of EUR9.93, higher than some analysts' expectations of a 35% discount. The subscription period for the new shares runs from May 15 to May 28, roughly in line with the envisaged schedule announced in March. Commerzbank said 20 new shares will be offered for every 21 existing shares held. The new shares are entitled to a dividend as of January 2013, and Deutsche Bank, Citi and HSBC agreed to fully underwrite the capital increase volume. The move will allow the bank to fully repay the remaining EUR1.6 billion in non-voting shares, known as silent participation, still held by the German government's SoFFin financial markets stabilization fund, and the EUR750 million held by Allianz SE.  Full Article

Commerzbank AG's Job Cuts To Affect All Areas, Units-DJ
Thursday, 24 Jan 2013 04:05am EST 

Dow Jones reported that Commerzbank AG's plans to cut between 4,000 and 6,000 full-time jobs by 2016 will affect all group levels and units, in Germany and abroad, although online bank Comdirect and Polish unit BRE Bank will be excluded. The bank's cost-cutting plans, which include shifting workload to lower-cost areas and streamlining procedures in the retail banking business, were presented to the bank's works council Wednesday, and talks with labor representatives will likely start in February. The bank didn't provide a breakdown of what planned job cuts will be for Germany only. Compulsory redundancies will be the ultimate measure to achieve the job cuts, according to the documents. In Germany, companies can use options such as early retirement, natural attrition and part-time work to cut jobs without outright layoffs.  Full Article

Commerzbank AG Confirms Plans To Cut 4000-6000 Jobs At Group-DJ
Thursday, 24 Jan 2013 03:21am EST 

Dow Jones reported that Commerzbank AG said it plans to cut between 4000 and 6000 jobs, with labor negotiations beginning in February, confirming a report by Dow Jones Newswires earlier this month. In total, the bank plans cuts of around 4000-6000 full-time positions for the group by the year 2016, the spokesman said. The specific number of cuts are subject to labor council negotiations, the spokesman added.  Full Article

Commerzbank AG To Propose Cutting Around 6,000 Jobs In Germany-DJ
Thursday, 17 Jan 2013 12:08pm EST 

Dow Jones reported that Commerzbank AG will likely propose cutting around 6,000 jobs in Germany, or about 18% of the workforce, when starting negotiations with labor representatives next month, three people familiar with the matter told The Wall Street Journal on January 17, 2013. One person said the proposal, which will be the starting point for the talks, is for cutting between 6,000 and 6,500 jobs, while two other people said a range between 5,000 and 6,000 was likely proposed. The widely watched talks with labor representatives will start in mid- to late-February, these people said.  Full Article

UPDATE 2-Commerzbank to cut more jobs in tougher revamp plan - sources

* Commerzbank resolved data security problems - COO on intranet (Adds Commerzbank confirms Bafin probe, COO quote on back-office staff)

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