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Tuesday, May 14, 10:05 AM Commerzbank (CRZBY.PK) is in "intensive" talks to unload the bulk of its €5.7B portfolio of U.K property loans to Wells Fargo (WFC) and P-E fund Lone Star. The disclosure was made in the prospectus for its capital raise launched today. About a month ago it was reported the parties were in exclusive talks for the assets in what could be a sweet deal for the buyers. Comment! [Financials]
Tuesday, May 14, 7:05 AM Commerzbank (CRZBY.PK) sets its capital raise, offering 556M shares at 4.5 euros each, a 55% discount to Monday's close. Excluding the value of subscription rights - set at 2.65 euros/share - it's inline with expectations for a 38% discount. With the money, the bank will repay Germany and Allianz, saving about 200M euros/year. Stock's off 1.8% in Frankfurt. Comment! [Financials]
Tuesday, May 7, 5:54 AM Commerzbank AG (CRZBY.PK) reports a Q1 net loss of €94M, as Germany's second largest bank takes a €493M restructuring charge related to layoffs. The loss was narrower than analysts expected however and operating expenses fell 3.7% to €1.72B (beating estimates) while risky assets in the firm's bad bank also declined during the period. On the other hand, provisions for bad debt were up 26% and net interest income fell 20% to €1.36B. Comment! [Financials, Earnings]
Thursday, April 18, 9:09 AM Wells Fargo (WFC) and Lone Star are in exclusive talks to buy a $6.1B U.K property portfolio from Commerzbank's (CRZBY.PK) Eurohypo unit, reports Reuters, with a deal maybe being struck as soon as May. It may be a sweet deal for the buyers as Commerzbank is selling for what value investors like to call "non-economic" reasons. Comment! [Financials]
Wednesday, March 13, 7:40 AM Commerzbank (CRZBY.PK) tumbles 8.5% in Frankfurt after the bank sets a €2.5B capital raise to pay back the German government, which wants to cut its stake in the bailed-out lender to 20% from 25%. The Dax shuddered a bit yesterday on rumors of the action, and today -0.2%. EWG +2.5% YTD. Comment! [Financials, On the Move]
Tuesday, March 12, 11:25 AM Commerzbank (CRZBY.PK) is not commenting on market rumors it is preparing a capital raise of €700M-€800M. The chatter has sent the bank's shares 4% lower in Frankfurt and the DAX from a small gain to a 0.3% an hour before the close of trading. EWG -0.4%. Comment! [Financials]
Thursday, January 24, 5:51 AM Commerzbank (CRZBF.PK), Germany's second-largest lender, is joining the long list of banks that are slashing jobs with plans to cut 4,000-6,000 positions worldwide by 2016. The staff reductions are part of Commerzbank's cost-savings program as it looks to reach its "profit and growth targets amid a continuous difficult environment." Comment! [Financials]
Tuesday, September 25, 2012, 6:03 AM Germany has a particular interest in helping Spain through its crisis, as the exposure of German lenders to the Mediterranean country is $139.9B, of which $45.9B is to banks. German institutions are particularly exposed to covered bonds, which are often backed by the collateral of consumer mortgages, whose values may have been affected by the cratering of the residential market. 1 Comment [Financials, M&A]
Thursday, September 13, 2012, 5:08 AM RBS, Commerzbank and Standard Bank are suing Dubai Group for the immediate repayment of loans after withdrawing from talks to restructure the holding company's $10B debt three months ago. It's an unusual move given that banks tend to take the best terms they can get with the emirate, especially as the group is owned by Dubai ruler Sheikh Mohammed bin Rashid al Maktoum. 1 Comment [Financials]
Friday, June 8, 2012, 2:48 AM Eurozone capital flight is leaving German banks flush with cash. Deposits in German banks rose 4.4% Y/Y to €2.17T as of April 30, according to the ECB, while deposits in Spain, Greece and Ireland shrank 6.5% to €1.2T in the same period. The influx is a boon for domestic banks, and both Deutsche Bank (DB) and Commerzbank have taken in billions of euros in additional customer deposits. 2 Comments [Global & FX, Financials]
Wednesday, June 6, 2012, 3:18 AM Commerzbank (CRZBY.PK), Germany’s second-largest bank, has its credit rating cut one level by Moody's. The move is a "bit harsh," say some analysts, but eurozone uncertainty does pose a potential risk to German firms. Five other German banks were also downgraded and Deutsche Bank (DB), Germany's largest lender, is still under review. 1 Comment [Global & FX, Financials]
Wednesday, April 4, 2012, 6:41 AM Commerzbank (CRZBY.PK) faces shipping loan losses of up to €441M ($588M) this year as higher fuel costs and low shipping rates hit the bottom line. The German bank has the world's 3rd largest shipping portfolio, with between 75%-100% of its equity tied to the struggling industry. Shares down 1.7% in Frankfurt trading. Comment! [Global & FX, Financials]
Wednesday, February 22, 2012, 10:17 AM Morgan Stanley sees the chance of multiple earnings upgrades for EU banks as the wave of liqudity from ECB's LTRO is stoking action. January was likely the best month for credit trading in 2 years, MS says, and FICC (fixed income, commodity, and currency) revenue could double in Q1 from Q4. Comment! [Global & FX, Financials]
Monday, January 23, 2012, 9:27 AM When a little bit of good news hits wildly oversold stocks, watch out. Some of the moves in major EU banks over the past 2 weeks as the power of the ECB's LTRO comes into focus: Commerzbank (CRZBY.PK) +64%. SocGen (SCGLY.PK) +51%, Deutsche Bank (DB) +26%. Comment! [Global & FX, Financials]
Friday, January 20, 2012, 10:28 AM EU banks today must submit to regulators plans on filling capital gaps as tipped in the last round of stress tests. Commerzbank (CRZBY.PK) for example, has a plan, but it assumes no further deterioration in the economy. Other banks say targets can be met through asset sales. It will be up to regulators to approve the plans or otherwise maybe send the lenders into the arms of the state. Comment! [Global & FX, Financials]
Thursday, January 19, 2012, 8:05 AM Morgan Stanley's non-comprehensive table of EU banks' participation in the ECB's LTRO last month shows Italian and Spanish lenders diving in with both feet, with many more than satisfying their 2012 funding needs. "It is clear that Italian and Spanish mid-caps have no other option than to rely upon the LTRO." Data from French lenders has not yet been obtained. 2 Comments [Global & FX, Financials]

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