September 23, 2019 / 12:28 PM / 3 months ago

Commerzbank restructuring plan is negative for credit rating: Moody's

FILE PHOTO: The headquarters of the Commerzbank are pictured before the bank's annual news conference in Frankfurt, Germany, February 8, 2018. REUTERS/Ralph Orlowski/File Photo

FRANKFURT (Reuters) - Commerzbank’s (CBKG.DE) restructuring plan, on which the company is due to formally decided later this week, is negative for the German lender’s credit rating, Moody’s said in a note.

The credit ratings agency said plans to sell Commerzbank’s Polish subsidiary mBank is “credit negative” because “it will further limit the bank’s growth potential given that mBank meaningfully contributed to the group’s revenue and profits, and its growth”.

Reporting by Tom Sims; Editing by Tassilo Hummel

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