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Commerzbank AG (CBKG.DE)

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Latest Key Developments (Source: Significant Developments)

Commerzbank, employees agree personnel reductions
Thursday, 13 Jul 2017 12:01pm EDT 

July 13 (Reuters) - Commerzbank AG :Says agree with employee representative committees on framework for personnel reductions.Says has agreed an outline reconciliation of interests and outline social plan with the employee representative committees in germany.Says agreed with labour reps that operational redundancies will be used only as a last resort in implementing the personnel reductions.  Full Article

Commerzbank says may update earnings guidance after Q2 results
Tuesday, 9 May 2017 02:35am EDT 

May 9 (Reuters) - Commerzbank CFO says on analyst call discussing first-quarter earnings:Will wait another quarter before potentially adjusting guidance for shipping unit, despite recent pickup of sector.Wants to see Q2 results before discussing full-year earnings guidance.Disposal process for EMC unit will not start before 2018.  Full Article

Komercni Banka says selling HQ building in Prague
Thursday, 2 Mar 2017 11:15am EST 

Komercni Banka As : Komercni Banka says it has completed sale of its NP33 unit which owns the bank's headquarters in downtown Prague . Says Germany's Commerz Real Investmentgesellschaft bought the property . Price not disclosed . Komercni says will maintain branch and registered address at building after new owner renovates Further company coverage: [BKOM.PR] (Prague Newsroom) ((robert.muller@thomsonreuters.com;)).  Full Article

Poland's mBank plans no dividend for 2016
Wednesday, 1 Mar 2017 01:10pm EST 

mBank : Polish lender mBank, a unit of Germany's Commerzbank , said on Wednesday it did not plan to pay a dividend from last year's net profit. . mBank said it wanted to keep almost all of its 2016 profit of 1.2 billion zlotys ($295.9 million). . mBank also said it wanted to transfer 2.8 billion zlotys of profit accumulated in previous years to its additional capital. . mBank's CEO, Cezary Stypulkowski, said earlier said the bank was unlikely to pay a dividend from its 2016 profit. Further company coverage: [MBK.WA] ($1 = 4.0553 zlotys) (Reporting by Anna Koper, editing by David Evans) ((warsaw.newsroom@thomsonreuters.com; +48 22 6539700; Reuters Messaging: warsaw.newsroom.reuters.com@thomsonreuters.net)) Keywords: MBANK DIVIDEND/ (BRIEF).  Full Article

Rickmers Trust Management entered into deed of consent with Commerzbank AG
Friday, 9 Dec 2016 06:18am EST 

Rickmers Trust Management Pte. Ltd. : Has entered into a deed of consent with Commerzbank AG, Singapore Branch . Trustee-Manager has entered into a memorandum of agreement for sale of "India Rickmers" vessel securing CMB facility . Deed in relation to a settlement of senior loan facilities extended by CMB to a subsidiary of trust . CMB has agreed to waive repayment of a material portion of remaining debt owed under CMB facility following partial prepayment . "sale is not expected to lead to material loss in q4 of 2016" .Net proceeds from sale will be applied towards partial prepayment of cmb facility.  Full Article

Fitch says German banks stable, but universal banks under pressure
Tuesday, 6 Dec 2016 06:18am EST 

Fitch on German banks : Fitch: German banks stable, but universal banks under pressure . Fitch on German banks - domestic operating environment is sound, but remains tough with low interest rates, rising costs, intense competition . Fitch on German banks - savings, cooperative banks are germany's most profitable & resilient due to stronger & wider-margin retail and sme franchises . Fitch on German banks-interest rates risk is a long-term challenge for most german banks due to high share of long-term, fixed-rate loans . Fitch on German banks - we expect banking sector's net interest margin will come under pressure as proportion of low-yielding loans increase .Fitch - believe short-term execution risk will be high for Deutsche and Commerzbank.  Full Article

Commerzbank currently has no plans for CoCo bonds - CFO
Friday, 4 Nov 2016 04:35am EDT 

Commerzbank CFO says : Is confident of meeting SREP capital requirements in 2017, 2018 . Heta resolution will have positive effect of 140 million euros in Q4 . Current working assumption is that Commerzbank will not pay a dividend for 2017, 2018 . Currently sees no requirement for AT1 bond issuance Further company coverage: [CBKG.DE] ((Frankfurt.newsroom@thomsonreuters.com; +49 7565 1272;)).  Full Article

Commerzbank: strategy and financial objectives 2020
Thursday, 29 Sep 2016 02:00am EDT 

Commerzbank AG : Board of managing directors presents strategy and financial objectives 2020 to the supervisory board . As part of "Commerzbank 4.0" strategy, it will concentrate on its core businesses, digitalise 80 percent of relevant processes, and thereby achieve significant efficiency gains. . Business will be focused in two customer segments, "Private and Small Business Customers" and "Corporate Clients" . Goodwill and intangible assets of both corporates & markets and mittelstandsbank will be subjected to an impairment test. This means that most probably around 700 million euros ($785.19 million) would be written off in Q3 of 2016 . Net result would be negative in Q3. Write-Offs do not affect Common Equity Tier 1 (CET 1) ratio . Despite goodwill write-offs, commerzbank is expecting a small net profit for 2016 as a whole. . CET 1 ratio after full application of Basel 3 will be higher in Q3 of 2016 than in previous quarter . Commerzbank is aiming for a net return on tangible equity (RoTE) of at least 6 percent by end of 2020 . By end of 2020 Commerzbank will have sustainably increased its profitability . Commerzbank is expecting revenues for 2020 to total between 9.8 billion and 10.3 billion euros . For 2020 bank expects a ratio of above 13 percent . Says staff reductions amounting to around 9,600 full-time positions . At same time, around 2,300 new jobs will be created in areas of business growth.  Full Article

Bafin head says not looking at Commerzbank-Deutsche Bank merger
Thursday, 1 Sep 2016 06:36am EDT 

Bafin head Felix Hufeld, speaking at a financial conference in Frankfurt: Asked about possible Deutsche Bank - Commerzbank merger, says "we currently don't look at hypothetical problems" Further company coverage: [DBKGn.DE] ((frankfurt.newsroom@thomsonreuters.com; +49 69 7565 1272;)).  Full Article

Commerzbank CEO says Germany has too many banks
Wednesday, 31 Aug 2016 04:45am EDT 

Commerzbank CEO says : We have too many banks in Germany . We are very well capitalised Further company coverage: [CBKG.DE] ((Frankfurt.newsroom@thomsonreuters.com; +49 7565 1272;)).  Full Article

BRIEF-Commerzbank CFO Sees Slow Banking Consolidation