FRANKFURT, Aug 12 (Reuters) - Commerzbank plans to step up its expansion drive by making a stronger push on private and small business customers, a board member told a German newspaper.
The company, which reported forecast-beating second-quarter results this week, faces margin pressure in the private customer’s credit and securities segment, Michael Mandel said in an interview with Handelsblatt.
“It means that we have to increase our business volume more significantly to reach our profit targets. To be precise: we want to bring in more assets to compensate partly low margins.”
Commerzbank aims to raise its assets under its control in the private and small business customers segment to more than 400 billion euros ($456 billion) by 2020.
It has already achieved assets of 386 billion euros at the end of the first half 2018, already reaching its target for the full year which was for more than 385 billion. ($1 = 0.8764 euros) (Reporting by Christoph Steitz; Editing by Richard Balmforth)