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    CBK   DE000CBK1001

COMMERZBANK AG

(CBK)
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Delayed Xetra  -  11:37:37 2023-02-06 am EST
10.12 EUR   +0.05%
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Commerzbank sees Polish court ruling in summer, mBank in focus

06/17/2021 | 07:56am EST
FILE PHOTO: A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt

FRANKFURT (Reuters) - Commerzbank expects Poland's Supreme Court to rule in August or September on contested Swiss franc loans, its finance chief said, as the bank prepares for heavy writedowns at its Polish mBank subsidiary in the wake of the decision.

Once the hit from the ruling is digested, Commerzbank could relaunch a sale of the unit, people close to the matter said. An auction petered out last year after buyers flagged concerns about the possible fallout from the Swiss franc mortgages issue.

"mBank is an important part of our strategy and we expect it to continue to contribute to the success of the Group with increasing earnings in the future", Commerzbank said.

mBank had no immediate comment.

The Supreme Court is expected to lay out how local courts should treat lawsuits against Polish banks over mortgages customers took out in Swiss francs more than a decade ago to take advantage of low Swiss interest rates, only to face far higher costs when the value of the Polish zloty slumped.

While Commerzbank's supervisory board this week discussed mBank's future, no decision has been taken and bank will wait for the final ruling before taking any further steps, people close to the matter said.

But potential bidders and their advisers are already revisiting mBank in anticipation of a new auction as early as the autumn, other people close to the situation said, adding clarity on the Swiss franc fallout would give them comfort in defining a valuation for Poland's fifth-largest bank by assets.

Commerzbank Chief Financial Officer Bettina Orlopp said at an industry conference on Thursday that after two promising rulings Polish bankers were now more optimistic than a few weeks ago regarding the court ruling.

mBank may, however, still face a hit of about 1 billion euros from the ruling, people close to the matter said, adding this was only a rough estimate. Commerzbank has so far set aside 300 million euros in provisions for the case.

mBank's sale was once considered a cornerstone of Commerzbank's turnaround plans. As Germany's second-largest listed lender continues to restructure, it would reap proceeds from a sale, but would also be giving up reliable cash cow.

Commerzbank is also worried the sale price could be depressed by political interference as Poland's leaders have said they want more of the country's lenders in domestic hands.

Poland's ruling nationalist Law and Justice (PiS) party has tightened control over the banking sector and several bidders withdrew from the mBank auction last year confidentially citing political concerns.

At the time, a consortium led by PZU and Pekao bid for mBank, while PKO and Erste initially expressed an interest. The banks declined to comment or were not immediately available for comment on Thursday.

mBank's has a market capitalisation of about 12.9 billion zlotys ($3.4 billion). Commerzbank owns a 69% stake.

($1 = 0.8369 euros)

($1 = 3.7907 zlotys)

(Additional reporting by Agnieszka Barteczko; Editing by Mark Potter)

By Patricia Uhlig and Arno Schuetze


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) 0.05% 0.63958 Delayed Quote.1.77%
BANK PEKAO, S.A. -2.57% 91 Delayed Quote.7.98%
BRITISH POUND / SWISS FRANC (GBP/CHF) 0.02% 1.1161 Delayed Quote.-0.18%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.01% 0.69014 Delayed Quote.1.26%
CHINESE YUAN RENMINBI / SWISS FRANC (CNY/CHF) 0.18% 0.136765 Delayed Quote.2.02%
COMMERZBANK AG 0.05% 10.115 Delayed Quote.14.47%
DANISH KRONE / SWISS FRANC (DKK/CHF) -0.43% 13.37 Delayed Quote.1.53%
ERSTE GROUP BANK AG -1.73% 34.7 Delayed Quote.18.09%
EURO / SWISS FRANC (EUR/CHF) -0.05% 0.9949 Delayed Quote.1.02%
HONGKONG-DOLLAR / SWISS FRANC (HKD/CHF) -0.14% 11.809 Delayed Quote.-0.31%
INDIAN RUPEE / SWISS FRANC (INR/CHF) -0.10% 0.011204 Delayed Quote.0.80%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.11% 0.7001 Delayed Quote.0.13%
MBANK S.A. -2.31% 312.6 Delayed Quote.8.11%
NEW ZEALAND DOLLAR / SWISS FRANC (NZD/CHF) 0.08% 0.58574 Delayed Quote.-0.26%
PKO BANK POLSKI S.A. -2.69% 31.84 Delayed Quote.8.02%
POWSZECHNY ZAKLAD UBEZPIECZE? SPÓLKA AKCYJNA -3.60% 35.86 Delayed Quote.5.03%
RUSSIAN ROUBLE / SWISS FRANC (RUB/CHF) -0.13% 0.012962 Delayed Quote.4.22%
SINGAPORE-DOLLAR / SWISS FRANC (SGD/CHF) -0.06% 0.6987 Delayed Quote.1.35%
SWEDISH KRONA / SWISS FRANC (SEK/CHF) 0.09% 0.087421 Delayed Quote.-0.94%
US DOLLAR / SWISS FRANC (USD/CHF) -0.15% 0.9265 Delayed Quote.0.18%
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Analyst Recommendations on COMMERZBANK AG
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Financials
Sales 2022 9 638 M 10 348 M 10 348 M
Net income 2022 1 273 M 1 367 M 1 367 M
Net Debt 2022 - - -
P/E ratio 2022 10,3x
Yield 2022 2,29%
Capitalization 12 668 M 13 601 M 13 601 M
Capi. / Sales 2022 1,31x
Capi. / Sales 2023 1,25x
Nbr of Employees 38 167
Free-Float 84,4%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 10,12 €
Average target price 10,62 €
Spread / Average Target 4,99%
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Managers and Directors
Manfred Knof Chief Executive Officer
Bettina Orlopp Deputy Chairman-Supervisory Board & CFO
Helmut Gottschalk Member-Supervisory Board
Dennis Bartel Head-Human Resources & Technology
Bernd Reh Head-Research & Press Contact
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