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MarketScreener Homepage  >  Equities  >  Xetra  >  Commerzbank AG    CBK   DE000CBK1001

COMMERZBANK AG

(CBK)
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Commerzbank open to M&A after Deutsche Bank talks collapse

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05/22/2019 | 08:01am EDT
Commerzbank AG hold their annual general meeting of shareholders in Wiesbaden

WIESBADEN, Germany (Reuters) - Commerzbank may refine its strategy and is still open to mergers following the collapse of talks with its larger rival Deutsche Bank, the lender's chief executive said on Wednesday.

CEO Martin Zielke told shareholders that the talks with Deutsche "showed where we should possibly sharpen our strategy".

"We will be able to say more about this in the autumn," Zielke said at the bank's annual shareholder meeting.

Earlier this year, Zielke embarked on talks to tie up with Deutsche Bank. But the talks collapsed after six weeks, with the banks citing risks of doing a deal, restructuring costs and capital demands as among the reasons for their decision to walk away.

With Deutsche out of the picture, both Italy's UniCredit and Dutch ING Groep have expressed interest in Commerzbank, which is Germany's second-largest listed lender, sources have said.

Zielke, in response to questions from shareholders at the meeting, said that the bank was open to growing "inorganically", which means through mergers and acquisitions.

He said that he meets regularly with CEOs of competing banks. For example, he has met twice with ING CEO Ralph Hamers over the past year, but there were no concrete offers for merger talks, Zielke said.

Commerzbank, which is still partially state-owned after a bailout during the financial crisis, has been cutting costs and investing in technology.

Profit rose sharply in 2018 from a year earlier but Zielke said profit needed to improve further.

Commerzbank's supervisory board will discuss the bank's updated strategy in mid-September, with announcements likely in early October.

(Reporting by Tom Sims and Hans Seidenstuecker; Editing by Michelle Martin and Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
COMMERZBANK AG -0.79% 5.541 Delayed Quote.-4.18%
DEUTSCHE BANK AG -1.53% 7.189 Delayed Quote.3.19%
ING GROEP N.V. -0.12% 10.35 Delayed Quote.9.99%
UNICREDIT S.P.A. -0.49% 11.684 End-of-day quote.16.23%
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Financials (EUR)
Sales 2019 8 560 M
EBIT 2019 1 777 M
Net income 2019 840 M
Debt 2019 -
Yield 2019 3,75%
P/E ratio 2019 8,22x
P/E ratio 2020 7,58x
Capi. / Sales2019 0,81x
Capi. / Sales2020 0,81x
Capitalization 6 939 M
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Technical analysis trends COMMERZBANK AG
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 22
Average target price 6,22  €
Last Close Price 5,54  €
Spread / Highest target 73,3%
Spread / Average Target 12,2%
Spread / Lowest Target -23,7%
EPS Revisions
Managers
NameTitle
Martin Zielke Chairman-Management Board
Stefan Schmittmann Chairman-Supervisory Board
Jörg Hessenmüller Chief Operating Officer
Stephan Engels Chief Financial Officer
Uwe Tschäge Deputy Chairman-Supervisory Board
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