For most investors, the German banking industry consists of just one entity: Deutsche Bank (NYSE:DB), the leading bank in Germany and one with a global presence that rivals that of any U.S. bank. However, although Deutsche Bank may be Germany's largest bank, it is not the one with the most value. That distinction goes to Commerzbank (OTCPK:CRZBY), the country's 2nd largest. Commerzbank is far less reliant on investment banking and capital markets than Deutsche Bank, creating a simpler, easier business model, and despite exposure to Eastern & Central Europe, shares trade at a substantial discount to book value. With a tangible book value of €21.13 per share as of the end of Q2 2013, shares of...
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